Arthur Hayes, co-founder of Crypto Investment Fund Maelstrom, bought the Ethena Token this week, and tied the latest move into a project competing for control of the USDH Stablecoin Ticker, making it a decisive vote on Sunday as a high lipid verification device.
Hayes has accumulated multiple tranches of Esena’s Ena Tokens over the past two days. This includes 578,956 tokens worth around $473,000 on Wednesday, along with ENAs of about 672,800 in total, or two previous purchases of $521,000. data Tracked by Arkham Intelligence.
The total, including those on Monday, will be around $995,000 worth of Ethena Tokens within a 48-hour window.
Hayes purchases are because Ecena remains a candidate. USDH Stablecoin Raceis set to determine the ticker on Sunday.
Esena’s proposal, Supported by BlackRockUSDH is collateralized via BlackRock’s Buidl fund using USDTB’s Stablecoin, with 95% of the revenue being pledged to high lipids and responsible for the costs covered for changes in trading pairs from USDC.
Ethena’s proposal is written by David Lawant, the head of research at Falconx, David Lawant, “a strong bid from one of Crypto’s fastest-growing and most impressive ecosystems.” Blog post Released on Wednesday.
Lawant noted that USDE’s market capitalization is over $13 billion, and that Ethena handled $23 billion in cumulative mint and reimbursement without security incidents or downtime.
Still, the purchase of Hayes “read as personal positioning rather than putting support behind Esena in particular for the USDH vote,” said Kirby Ong, founder of Hypurrcollective, a grassroots group aimed at founders, builders, traders and power users of high-rise ecosystems. Decryption.
“With the $USDH proposal, the determinant is likely to result in validator alignment with current stakers, whether or not forecast market sentiment leads to actual on-chain voting,” Ong said.
Ong explained that while the forecast market “helps set expectations”, Validator Support “determines a valid candidate” and “ultimately, everyone can help determine and set the USDH direction by betting their weight and delegating the vote to the Validator who best matches the vote.”
Ong added: “Sunday’s final results will depend on which teams recognize the long-term value that is perceived as the most trusted for the ecosystem.”
Other candidates
Paxos, backed by PayPal, is also a top candidate, according to Lawant. that The proposal has been revised On Wednesday, it pledged a larger share of reserve yields to the High-rise liquid support fund from a focus on regulatory pedigrees, expanding to postponing issuers until products exceed $1 billion.
Wednesday evening, Pax announcement I listed USDH and hype from Kraken from day one and received an offer using free USD on-lamp and off-lamp as standard reviews of the exchange are pending.
It is worth noting that despite being a newly formed company, the native market remains the top candidate with odds of 90%, according to Live. data In countless markets.
Disclosure: Myriad is a forecast market developed by Decrypt’s parent company Dastan.
Native Market pitching Managed through Bridge, Stripe’s Stablecoin publisher, the Genius-compliant USDH features cash and Treasury reserves supervised by BlackRock Off-Chain and Superstate on-chain.
The plan promises the launch of HypereVM, which is equally harvested between Hyperliquid’s support fund and ecosystem growth, with seamless interoperability.
Decryption Hayes, Pax and Esena have been contacted for comment. Another request was sent to the native market through the ecosystem operator (Max Feige).
Other candidates include Sky, USDS (formerly Makerdao’s Dai) publishers, Frax Finance with Bank-Partnered Bid, and Agora.
