Here's a supplement to the Ethena USDH proposal. It's hilarious; my first impression after reading it is that this is a "wealthy, thoughtful, and genuinely loving CEO's proposal for marriage." It's really interesting; the entire proposal is full of "little tricks." The $800/point internal joke is something that people outside the HL community probably wouldn't know (the pricing unit in HL is point, and the community has calculated that if the HL revenue model works, by 2030, the revenue will be $6B, corresponding to a value anchor of $800/point); HIP-3 is even more of HL's core plan, and those who don't delve deep into it wouldn't even be able to bring it up. Now even other teams bidding for $USDH are scrambling to catch up; they are really putting in the effort, @ethena_labs. The proposal is very solid, with three clear cash flow main lines: - Crypto Perps: Assuming a rate of 2.14bps, trading volume from $4.5T → $12.2T, revenue from $1B → $2.6B. - USDH Stablecoin: TVL $5.4B → $14.6B, NIM 4.3%→2.5%, revenue from $0.23B → $0.36B. - Equity Perps: HL market share from 15% → 75%, rate 3bps, corresponding revenue from $0.23B → $3B. Adding it all up, by 2030, the revenue will be $6B, corresponding to a valuation of $178B (even with a conservative P/E of 30x). This just calls back to the $800/point mentioned by the community. Additionally, Ethena has laid out the migration costs, liquidity, and inventory support: Migration costs: The on-chain migration from USDC to USDH will be fully covered by Ethena. Shared liquidity: After USDH becomes a reserve asset for USDe, it will provide market makers with low-fee direct exchange channels, connecting to a $5B+ reserve pool, ensuring no discount and no depth issues. On-balance sheet funding support: Ethena has $13B USDe on hand, which can serve as a counterparty/inventory for the HL perpetual market, directly backing the HIP-3 market. In a nutshell: "I’ll take care of you!" Ethena's attitude towards HIP-3 is very clear: it's all in! Partners: They invested in @BasedOneX and @liminalmoney to incubate hUSDe and even brought in @hyperunit for spot support. Incentive scale: They are preparing $75M → $150M in incentives all at once, with half of the fee revenue from HIP-3 flowing back to HL. Strategy trio: Yield-bearing collateral, modular primary broker layer, equity perpetuals. This strategy has precedents: @Bybit_Official's $USDe combination margin + subsidies can achieve ~13% APY, keeping users glued to the exchange. Ethena is clearly looking to replicate and even amplify this model in HL. Finally, regarding the system: Guardian Network (validator governance security), ≥95% of revenue flows back to HL (HYPE buyback, fund pool, stHYPE distribution can be governed), and the issuer takes an additional 5% while committing to buy $HYPE. Indeed, sincerity is a killer skill; their message is very clear: I have money, I understand you, just stand there and I’ll come to you. If you refuse, that’s fine; I’ll always be behind you, haha.