- 80% lower fees, democratic listing: Hyperliquid eyes major upgrade
- USDH stablecoin taking shape: Proposal by community
Hyperliquid, a popular decentralized cryptocurrency exchange with a native L1 blockchain, has announced the details of a major incoming upgrade. The launch of the USDH stablecoin is the backbone element of the upgrade, while a radical fee cut and a listing procedure revamp are set to make Hyperliquid the go-to solution for on-chain trading.
80% lower fees, democratic listing: Hyperliquid eyes major upgrade
According to an announcement on the project’s Discord, Hyperliquid, a mainstream decentralized exchange backed by its own Layer-1 blockchain, is close to the activation of a profound architecture upgrade. Once live, the upgrade will advance traders’ experience and introduce new opportunities.
First, the exchange is set to see the biggest spot trading fee cut in its history. Maker fees and taker rebates will be cut by 80%, making trading more cost-effective for all spot quote asset holders. This measure is designed to bring new liquidity to the platform.
Then, the team has ambitions to make spot quote assets permissionless, starting from the testnet version. It means that everyone will eventually be able to list their own cryptocurrency on Hyperliquid’s spot model. Besides making the design of the exchange more democratic, it will also result in new liquidity and users joining the platform.
The release of the USDH stablecoin is the most debated change envisioned by the upcoming upgrade’s agenda. The new asset will go live on Hyperliquid’s L1, being a “Hyperliquid-first” and “Hyperliquid-aligned” stablecoin.
While the USDH ticker is reserved for Hyperliquid’s stablecoin, the exact team to lead its development is yet to be chosen. The decision will be up to Hyperliquid validators, the announcement says.
USDH stablecoin taking shape: Proposal by community
One of the first proposals for the USDH stablecoin’s deployment was published by Max Fiege, a Hyperliquid enthusiast and DeFi developer.
His team — named Native Markets — designed USDH as a GENIUS-compliant HyperEVM-based asset with fiat rails by Stripe’s Bridge. Fiege confirmed that MC Lader, the former president and COO of Uniswap Labs, is ready to curate the development of the new product.
USDH operations should be beneficial for Hyperliquid Foundation and its ecosystem, not for competing centralized exchanges. A meaningful part of its revenue should be brought back to Assistance Fund, the author added.
Today, Hyperliquid’s HYPE price jumped to September’s high at $47.78, being 7% up in a week.
Source: https://u.today/top-dex-hyperliquid-ships-massive-upgrade-introduces-usdh-stablecoin
