20 Photos and videos
Pinned Tweet
Jun 5
To support the USDH sunset process, users may now redeem USDH on HyperEVM 1:1 to USDC on HyperCore with no fees via @AcrossProtocol
Please convert any remaining USDH you may have.
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Jun 12
Reminder:
@Markets_xyz will be settling from June 10th to June 17th.
@felixprotocol Markets will be settling from June 19th to June 20th.
If you hold USDH from closed positions in these markets, you may convert to USDC 1:1 with no fees via @AcrossProtocol
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Native Markets retweeted
Jun 9
We're kicking off the USDH → USDC collateral migration tomorrow.
Starting June 10th, we'll begin winding down existing markets and settling open positions at mark price, working from least to most active over the coming days, ahead of the full transition to USDC. The final day to migrate will be June 17th.
If you're holding positions: every close settles at mark. We'll post the schedule below have daily reminders before each batch so nothing catches you off guard.
USDC deployment relisting of core markets is imminent, and details will be shared soon.
Full Market Settlement Schedule below.
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Native Markets retweeted
Jun 8
In light of the USDH sunset, the Felix HIP-3 DEX and all live markets will begin sunsetting on June 19 and conclude on June 20. All traders are encouraged to close active positions before this time. Another reminder of this sunset will be sent in the Felix Discord and Telegram announcements channels on June 15.
Markets will be settled sequentially, with each market settling one hour after the previous market. For full settlement mechanics, please review the FLX HIP-3 Sunset section of the Felix docs here: usefelix.gitbook.io/docs/fel…
Telegram announcements: felixannouncements
Discord link in bio
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Jun 5
To support the USDH sunset process, users may now redeem USDH on HyperEVM 1:1 to USDC on HyperCore with no fees via @AcrossProtocol
Please convert any remaining USDH you may have.
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Native Markets retweeted
Jun 5
As part of the USDH sunset, Felix will be deprecating both USDH vaults on Felix Vanilla. Users should repay any open USDH borrow positions and transition supplied and borrowed USDH to USDC.
Users can convert their outstanding USDH balances to USDC through the HyperCore USDH/USDC order book, or via @AcrossProtocol 1:1 with no fees. USDC lending on Felix is currently yielding 5.81%.
USDH Flagship and USDH Frontier vaults will be removed from the Felix frontend on Friday, June 12. Users are encouraged to shift to USDC lending and borrowing on Felix before then or contact our team with any concerns.
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May 26
As part of the USDH sunset process, Native Markets will unstake the HYPE required for AQA PQA status tomorrow.
Existing USDH-denominated HIP-3 markets will continue to operate during and after the unstaking process. New markets will be unable to be created, and AQA benefits will no longer apply. Settlement of these markets will be at the discretion of each HIP-3 deployer.
HIP-1 spot markets will be removed, and open orders will be cancelled.
Users may continue to convert their USDH in the HyperCore USDH/USDC order book after the unstaking process has completed.
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May 26
The above changes are now in effect.
Please convert any remaining HIP-1 USDH to USDC via the USDH/USDC HyperCore order book or USDH dashboard.
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May 22
Reminder: USDH will be sunset over the coming weeks. Please convert your USDH to USDC.
The easiest way to convert USDH is via the HyperCore USDH/USDC spot order book.
We are ensuring ample liquidity is present during this brief migration period.
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May 22
Previously onboarded users may continue to convert USDH to USDC or fiat via the USDH Dashboard. Minting USDH has been disabled.
More information is available at usdh.com/migration
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Native Markets retweeted
May 14
Notice on sunsetting Felix USDH-denominated HIP-3 markets will be shared in a future post; for now, they remain active. USDH deposits on Felix Vanilla are unchanged, and users can continue to lend USDH while USDH is live if they choose.
Users are encouraged to change USDH borrow and lend positions to USDC—users can swap USDH for USDC on the HyperCore spot orderbook linked below. Timeline on USDH Frontier and USDH Flagship vault sunsets will be shared in a tweet, Discord post, and Telegram announcement soon.
For more information on zero-fee USDH redemption options, visit USDH.com
app.hyperliquid.xyz/trade/US…
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Native Markets retweeted
May 14
Markets by Kinetiq will work with @HyperliquidX and @nativemarkets to ensure a seamless transition to USDC for the margin asset for the DEX.
First, credit where it's due: Native Markets pioneered the first production-scale protocol-aligned stablecoin. AQAv2 wouldn't exist without that work, and we were proud to ship it alongside them.
Kinetiq contributed to >50% of USDH growth via $KNTQ and @Markets_xyz. The fragmentation between USDH <> USDC was completely abstracted on both frontends, desktop and mobile. That same abstraction layer makes the USDC transition invisible to traders.
To traders of km assets, and kmHYPE stakers:
As usual, we'll be over-communicative on the next steps and ultimately this does not affect stake, or $HYPE / $KNTQ buybacks in the slightest. Listings will carry over and expand aggressively.
There is no action required on behalf of traders at this time.
May 14
Coinbase has announced its plan to activate AQAv2 on USDC as the treasury deployer, with Circle serving as the technical deployer responsible for CCTP and native cross-chain infrastructure. Both Coinbase and Circle have committed to stake HYPE to activate AQAv2. As part of this transition, Native Markets has agreed to terms granting Coinbase the right to purchase the USDH brand assets. With Coinbase, in its role as treasury deployer, sharing the vast majority of reserve yield revenue with the protocol, USDC will become the most aligned stablecoin on Hyperliquid. As a result, canonical outcome (HIP-4) markets will use USDC as the quote asset in a future network upgrade.
User and builder feedback has been consistent that fragmentation leads to degraded experience; now, the community no longer needs to choose between liquidity and protocol alignment.
The pioneering work of Native Markets in launching USDH as the first production-scale stablecoin sharing yield directly with a protocol in a purely onchain implementation made AQAv2 possible. The learnings and mechanics pioneered by USDH will live on in AQAv2.
The Hyper Foundation will give grants to eligible HIP-3 deployers, HIP-1 deployers, and builders who integrated USDH, supporting teams through migration over the next months. These grants reflect an ongoing commitment to teams who choose to build on Hyperliquid and align with the protocol. USDH markets are fully functional but will sunset over time. USDH remains fully backed, with feeless conversions to USDC and fiat available to users during this transition.
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Native Markets retweeted
May 15
Sunsetting USDH on HyperLend
In light of todays announcement that USDH will begin winding down operations on Hyperliquid we have made the decision to begin the process of sunsetting USDH borrowing and lending on HyperLend.
Within 48 hours users will no longer be able to supply or borrow further USDH on HyperLend as we look to wind down and eventually close this market. We encourage our users to be proactive in repaying any USDH loans they hold.
@nativemarkets have been a pleasure to work with and a positive force in the Hyperliquid ecosystem and we wish the team all the best moving forward.
As in all things DeFi, Hyperliquid will win in the end.
gLend.
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Native Markets retweeted
May 14
With Native Markets, we set out to create a stablecoin platform for Hyperliquid that stopped value leakage from its ecosystem and minimized its third party dependencies. These goals are achieved with the formalization of USDC as an AQA.
Today’s announcement marks what I view to be the biggest win for Hyperliquid to date, unlocking meaningful additional annual revenue for the Assistance Fund, as well as allying the network with the strongest force in American crypto policy. It’s incredibly vindicating to see industry leaders recognize a thesis that few of us believed just a short time ago.
I want to thank all of the builders who took a chance on USDH, as well as to give a special shout out to @mclader. It’s been a privilege working with her on USDH, and for all of us HYPE holders, we can be grateful to have her in our corner.
Our blog post below walks through the timeline for sunsetting USDH over the coming months. We’ll be in touch with builders and partners who have questions, especially those navigating spot and perp order book migration.
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Native Markets retweeted
May 14
When Native Markets secured the right to deploy USDH eight months ago, we had a simple thesis: people care about stablecoins that deliver value to the networks and their users.
Today, we see a validation of that thesis with Coinbase deploying native USDC as an AQA that shares the vast majority of its reserve yield. This transition to Coinbase immediately activates yield on nearly $5B worth of stablecoins and aligns Hyperliquid with one of crypto’s strongest policy advocates.
I'm proud of what @fiege_max and our entire team have built to date — designing the Open Issuance product alongside the Bridge team, building an exceptional onramp with USDH.com, and beyond.
To those that supported USDH, thank you for your vote of confidence. There’s more to come, stay tuned.
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Native Markets retweeted
May 7
Hyperliquid Names now supports USDH
USDH is the Hyperliquid-native stablecoin brought to you by @nativemarkets. With zero fee on & off-ramp and 1:1 conversion with USDC, it's the best way to stay liquid.
Starting today, you can mint your .hl name using USDH.
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Native Markets retweeted
Apr 27
Transfer up to 2M USDC into USDH on Hyperliquid.
Zero fees.
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