Some thoughts about the USDH ticker: - 95–100% of the revenue going back to the Assistance Fund might sound juicy, but in my opinion it’s not a good idea. You need to incentivize the use of your stablecoin (how many super-mega-compliant stablecoins are deployed with zero usage?). - Perp trading against multiple quote assets isn’t live yet, but it will be soon. Even if USDH is only a ticker, I think that if the issuer is solid enough, it will be whitelisted quite soon. If that happens, it will be their main source of growth, especially if users are incentivized to hold it instead of USDC. - HIP-3 will be another source of growth and many of these markets will need incentives if they want to onboard market makers, liquidity, and volume. An interesting approach is to use part of the revenue USDH generates to incentivize them. - Native Markets is the only proposal that mentions HIP-3 and they state that part of their 50% revenue allocation will be used to incentivize these markets. - What does “revenue” (or “net revenue”) mean in each proposal? Is it only the revenue generated by the underlying assets (USD allocated in T-bills, etc.), or does it also include the revenue generated by USDH itself (fees from HIP-3 markets, etc.)? > Agora refers to net revenue from USDH’s treasury assets (only underlying asset fees). > Paxos mentions that it will allocate 95% of the interest from reserves backing USDH (only underlying asset fees). > Native Markets states that they will split all revenue equally between the AF and growth (including all fees, not just those from the underlying assets). - Compliance is important, but aligning with Hyperliquid’s growth is much more important in this case. - What’s better: potentially adding $200M to the Assistance Fund (from $1.5B to $1.7B), or potentially adding $100M to HIP-3 markets, spot markets, and other growth drivers (from $0 to $100M)? I believe all the top proposals will be able to issue a strong stablecoin. For me, the main question is: who can help Hyperliquid the most? What’s the better long-term strategy? Who is more aligned with Hyperliquid and its ethos? I believe in HIP-3 and believe that its markets will print a big amount of fees in the future, so my vote stays with @fiege_max and Native Markets. All that said, I could be wrong since I didn’t attend every space or read every comment, so if you really want a clear view, I recommend doing your own research.