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Polymet’s odds that the native market will win Hyperliquid’s USDH Stablecoin bid has skyrocketed to 94.8% after Ethena Labs withdrawn its application.
That’s after the odds of popular decentralized betting platforms where the native market has surpassed 25% in the last 24 hours, and the native market will win.
USDH bid odds (source: Polymate))
In the agreement asked which of the bid issuers, Polymarket traders said there is a 5.2% vote to win high-altitude Stablecoin bids by Paxos, the well-known Stablecoin publisher who helped launch PayPal’s Pyusd tokens.
Ethena Labs withdraws from USDH bids
The rising confidence that the native market will win stable coin bids for high lipids has been founder Guy Young, founder of Ecena’s lab, said his team will “respectfully withdraw” the proposal for launching the stubcoin.
In a post on X, the founder said the decision followed “a direct discussion between community individuals and validators.”
In these discussions, concerns about Ethena pop up not from the high lipid native team, but from Ethena’s other product lines other than USDH, as well as “not only working on partner exchanges.”
In that proposal, Ecena said USDH will be 100% supported by its own USDTB Stablecoin. The token is now issued via Anchorage Digital Bank and is collateralized by BlackRock’s BuidL fund, and the team says it will provide the reliability of the USDH institution.
Ethena Labs pledged 95% of the net revenue generated by USDH reserves to the high lipid community through repurchases of hype tokens, contributions to the support fund and distributions to validators. The project committed at least $75 million for ecosystem development and incentives.
Before Esena Lab retracted the proposal, Arthur Hayes had also added it to his property of the native Ena Token of the project.
Earlier this week, he purchased 1.34 million tokens for US$1.34 million coins (USDC), according to on-chain data cited by Lookonchain in a post on September 12th.
Arthur Hayes (@cryptohayas) I spent 1.02m $ usdc I’ll buy 1.34m $ ena Again in the last 8 hours, he currently holds 4.45m $ ena(3.48m). pic.twitter.com/qahbrh28sh
– lookonchain (@lookonchain) September 9, 2025
The ENA has dropped its price to a discount rate percentage over the past 24 hours as it is likely to be sold after the USDH proposal is discontinued. As of 3:15am on EST, the ENA will trade at $0.7814. According to Go to COINMARKETCAP data. Despite the minor pullbacks, Altcoin still sits on weekly profits of over 17%.
The crypto community says there are some biases in the voting process
Native markets are relatively new to the market. It was founded by Max Fiege, a prominent early advocate, investor and builder within a high lipid ecosystem.
Despite its native market being a rookie, no matter how rapidly its native market surges, some people in the crypto community argue that the USDH voting process was set to support the project given its relationship with the founder’s high-liquid ecosystem.
Earlier this week, Dragonfly co-founder Haseeb Qureshi said the process was a “slight farce,” adding that high-lipid insiders already seem to have determined that the native market will win the bid.
It was a bit of a farce to begin to feel like a USDH RFP.
I have heard from multiple bidders that none of the validators are interested in considering people outside of the native market. It’s not even a serious argument, as if the backroom deal had already been made.
Native Market ‘… pic.twitter.com/qrc9xchv6z
– haseeb> | < (@hosseeb) September 9, 2025
Meanwhile, Lillian Aliga, Oak’s Chief Research Operating Officer and co-founder. Proposed There could be a “play bias” and questioned how relatively newcomers to the market were able to submit bids quickly after Hyperliquid first opened the USDH RFP, which first won the majority of Validator votes.
Aliga went on to say that the native market is not confident that “USDH can be converted into a multi-billion stubcoin,” adding that “there is a huge gap between its ambitions regarding USDH and what is actually happening.”
Native Market co-founder Max Fiege responded to community concerns in a recent X post.
“We have been involved with validators, community members, new and old members over the past six days, addressing questions and concerns about our vision and how we see it,” Fiege wrote in the post.
“We are a new team and we know we don’t put any strain on ourselves to downplay,” the co-founder added.
He also tackled criticism about the native market, saying, “I don’t care how big you are, your background, pedigree or financial resources.”
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