Overview

• Onchain trackers show Native Markets won roughly 70% of validator support, with Paxos near 20% and Ethena about 3.2%.
• Native Markets plans to file a Hyperliquid Improvement Proposal within days and start a controlled trial with approximately $800 caps per participant before enabling full minting and redemptions.
• The proposal outlines off-chain cash and U.S. Treasuries managed by BlackRock and on-chain tokenized reserves handled by Superstate via Bridge, with reserve yield split between the Assistance Fund and ecosystem growth.
• Ethena exited the race ahead of the final tally, and prediction markets priced Native Markets’ odds above 90% as Paxos trailed despite revising its offer.
• USDH targets the platform’s dominant USDC base, which holds nearly $6 billion in deposits, as industry voices question whether the selection process favored the winning bidder.