News

Jinse Finance reported that Sky (formerly MakerDAO) has joined the competition for the issuance rights of the USDH stablecoin under Hyperliquid. Sky co-founder Rune posted on X, stating: "Sky offers Hyperliquid the main advantages for USDH: · USDH will have instant liquidity of $2.2 billions in USDC for off-chain redemption; · Sky can deploy its balance sheet of over $8 billions to Hyperliquid; · All USDH on Hyperliquid can earn a yield of 4.85%, higher than the yield on government bonds, and the entire 4.85% yield generated by USDH will be used for the HYPE buyback fund; · Sky can provide $25 millions in funding to create an independent Hyperliquid Star project to independently develop Hyperliquid DeFi; · Sky can transfer its buyback system to Hyperliquid, leveraging annual profits of over $250 millions to build USDH liquidity."

According to ChainCatcher, on-chain analyst MLM has monitored that a wallet associated with GSR (0xc7e...ce4f) was liquidated due to its short position in LAUNCHCOIN, resulting in the account balance dropping to zero. The wallet was liquidated for 64.593 million LAUNCHCOIN, worth $7.8 million, of which Hyperliquid LP took over 42.362 million LAUNCHCOIN, worth $5.2 million, and made a profit of over $800,000. In addition, the wallet was also liquidated on several other trading pairs, with a notional total of $4.9 million. In the past 24 hours, the total loss of this wallet was about $4 million.