Hyperliquid to Slash Fees, Vote on USDH Stablecoin
Key Updates from Hyperliquid
Hyperliquid, a decentralized exchange, has announced significant changes aimed at improving liquidity and user experience. These include a substantial reduction in spot trading fees and a community-driven decision on the future of its USDH stablecoin.
Fee Reduction on Spot Trading
In its next network upgrade, Hyperliquid will cut taker fees, maker rebates, and user volume contributions by 80% for spot pairs between two spot quote assets. This move is designed to enhance liquidity and reduce friction for traders on the platform.
Validator Vote for USDH Stablecoin
The protocol is initiating an on-chain validator voting process to determine the team that will take control of the USDH stablecoin ticker. Here’s how it will work:
- Proposal Submission: Teams interested in acquiring the USDH ticker must submit proposals, including their deployment address.
- Validator Voting: Validators will vote via Hyperliquid L1 transactions to approve a user address for purchasing the USDH ticker, using a mechanism similar to delisting votes.
- Spot Deploy Gas Auction: The selected team will then participate in a spot deploy gas auction.
Hyperliquid seeks a team capable of developing a “Hyperliquid-first, Hyperliquid-aligned, and compliant USD stablecoin.”
Permissionless Spot Quote Assets
Looking ahead, Hyperliquid plans to make spot quote assets permissionless, starting with testnet implementation. This change will include staking requirements and slashing criteria, details of which will be announced later.
These changes reflect Hyperliquid's ongoing efforts to refine its platform and foster a more robust and decentralized trading environment.