After logging into Binance with $USDe, if you can still take in Hyperliquid's USDH, then Ethena has fulfilled the dream of on-chain stablecoin since its inception. The proposed solution balances compliance, innovation, and revenue, which I personally think is the most suitable. Of course, Sky's proposal is also quite sincere, and both can provide good support in terms of resources and revenue capabilities. Ethena's competitiveness lies in its ability to offer some innovation and transformation: For example, the yield-bearing USDH margin fully utilizes its own track advantages, bringing this structural yield into the Hyper system. Prime Brokerage achieves diversified margins, allowing users to use a variety of assets as collateral for trading, such as BTC, HYPE, USDe, rather than being limited to USDC. This somewhat addresses Hyperliquid's current efficiency issues. From the given conditions, I think both Ethena and Sky are quite generous, and both have sufficient revenue...
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