Hyperliquid KR, Paxos 초대석

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Hyperliquid_KR
@Hyperliquid_KRSep 17, 2025

The Spaces brought Paxos Labs (formerly Nucleus) into a multilingual AMA with the Hyperliquid community to debrief their USDH stablecoin proposal, clarify their role in the ecosystem, and discuss next steps after Native Markets won the USDH ticker. June (engineering lead/co-founder) and Alex (“Doc”) outlined Paxos Labs’ background in yield infrastructure, early involvement with Hyperliquid (Hyper EVM day-one launches like L-HYPE/WHLP with Looping Collective), and the rationale behind their V2 tokenomics (redistributing underlying yield, onboarding enterprise partners like PayPal/FIMO, and leveraging builder codes and alternative front-ends). They addressed concerns that Paxos’ broader pipelines might dilute focus, explaining why Paxos acquired Nucleus to form a dedicated unit for these initiatives and highlighting compliance strength and neutrality. The discussion compared competing proposals, praising Native Markets’ alignment and Athena’s professionalism. A breaking topic was USDC’s intent to enter Hyper EVM, stake HYPE, and pursue HIP-3 front ends—framed as part of a stablecoin “vertical integration” endgame spanning issuance, distribution, and managed primitives (e.g., lending). Despite not winning USDH, Paxos Labs reiterated plans to continue building core infrastructure, integrations, and compliant partnerships on Hyperliquid, with community voices encouraging them to stay and help drive broader adoption.

Twitter Spaces AMA Recap — Paxos Labs x Hyperliquid (USDH/Stablecoin, V2, Ecosystem Plans)

Participants and Roles

  • June — Co‑founder and Engineering Lead, Paxos Labs (formerly Nucleus). Technical lead on yield and tokenization infrastructure; closely involved with Hyperliquid integrations.
  • Alex (aka “Doc”) — Growth/BD lead, Paxos Labs (formerly Nucleus). Led integrations and partnerships across the Hyperliquid ecosystem (L‑HYPE, WHLP, Looping Collective).
  • Moderator/Translator — Bilingual (Korean/English) facilitator; bridged questions and summaries across languages.
  • Community voices — Multiple hosts/community members participated (Chinese/Japanese/Korean/English segments). A validator/community member “Carl” offered a consolidated pro‑Paxos perspective.

Note: The session was multilingual with occasional garbled audio. The summary below reflects the intelligible, consistent substance and stated positions.

Context and Objective of the AMA

  • The AMA centered on:
    • Paxos Labs’ role and track record in stablecoin/yield infrastructure and how that translates to Hyperliquid.
    • The USDH ticker outcome (native markets selected) and Paxos Labs’ plans going forward.
    • The Hyperliquid V2 proposal cycle (tokenomics, builder codes/alternative front‑ends, ecosystem incentives).
    • Ecosystem dynamics including news that USDC is moving onto Hyperliquid EVM with incentives and HIP‑3 participation.

How Paxos Labs Engaged Hyperliquid

  • Initial recognition and build:

    • June recounted early recognition of Hyperliquid’s engineering maturity and product cadence (points program, Hyper EVM).
    • Paxos Labs (ex‑Nucleus) launched products aligned with Hyperliquid’s architecture:
      • L‑HYPE and WHLP (via Looping Collective), went live on the day Hyper EVM launched.
    • The team has deep familiarity with on‑chain perps design spaces (benchmarked GMX, Gains, etc.) and saw Hyperliquid’s VM as enabling unique structured products.

  • Strategy pillars they latched onto:

    • Builder codes and alternative front‑ends as core growth levers for Hyperliquid.
    • Yield infrastructure and “managed primitives” (e.g., lending integrations) around a stablecoin base asset.

Addressing Focus/Diffusion Concerns ("Too many pipelines?" vs. USDH focus)

  • Community concern: Paxos, having multiple enterprise lines (e.g., prior stablecoin issuance for large partners like PayPal), might not focus on USDH for Hyperliquid.
  • Response:
    • Alex: Paxos’ acquisition of Nucleus and creation of Paxos Labs was precisely to pursue these kinds of focused, DeFi‑native initiatives.
    • The Hyperliquid effort is not a conflict of interest; instead, Paxos Labs is a bridge to bring Paxos’ enterprise relationships and compliant infrastructure into HL.
    • Expect synergy: Enterprise partners’ interest in DeFi increases when clear, credible opportunities emerge (the USDH initiative highlighted that interest).

V2 Proposal: What Changed and What Feedback They Heard

  • Motivation for V2 (per Alex):

    • Add clarity and maturity to initial tokenomics: redistributing yield from underlying assets of the stablecoin.
    • Introduce/foreground enterprise‑scale partners into the USDH design (examples discussed by the mod included PayPal/Venmo as potential distribution channels).
    • Lean into Hyperliquid’s proven growth vectors: builder codes and alternative UIs.

  • Community expectations and feedback themes (as recapped across June/Moderator):

    • Desire for native alignment: minting natively on Hyperliquid, compliant operations, and long‑term commitment.
    • Clear yield‑sharing frameworks: how yield splits between the Alignment Fund (AF) and ecosystem incentives are governed and sustained.
    • Track record and contribution to the HL ecosystem (HIP‑3 exchange/front‑end participation, engineering support, liquidity programs).

  • Yield split benchmarks (context from discussion):

    • Native Markets’ approach cited as a straightforward 50/50 split (AF vs. ecosystem incentives). Paxos Labs recognized this as strong and community‑aligned.

Results: Native Markets Won USDH; Paxos Labs’ View on Other Strong Proposals

  • Native Markets was selected for the USDH ticker. Paxos Labs’ reactions:

    • Respect for the community’s alignment with a native stablecoin steward (Native Markets/Max’s long history in the ecosystem).
    • Acknowledgement that, beyond Native Markets and Paxos Labs, Athena presented a very strong case.

  • “Who else brought value?”

    • June’s pick: Athena — strong professionalism, compliance posture, and meaningful DeFi integrations around USD‑denominated products.
    • Alex concurred: Athena’s model to generate and redistribute yield to AF resonated well with key community priorities.

Paxos Labs: Plans After USDH Outcome

  • Despite not obtaining the USDH ticker, Paxos Labs plans to:

    • Continue building yield infrastructure on Hyperliquid (native integrations, “managed primitives” like lending markets that support stablecoin utility).
    • Focus on compliance‑ready constructs and tight alignment with Hyperliquid DAO processes (e.g., HIP‑3 participation, alternative front‑end collaborations).
    • Leverage enterprise relationships to expand distribution and liquidity rails for HL‑native use cases (without over‑promising specifics in this AMA).

  • Tone and commitment:

    • June emphasized a long‑term partnership mindset: neutrality, compliance, and alignment with Hyperliquid’s growth model.
    • Alex deferred to June’s statements to avoid mixed signals, underscoring internal alignment.

USDC’s Move to Hyperliquid EVM and HIP‑3: Implications

  • News item raised by the floor: USDC planning to support Hyperliquid EVM, with ecosystem incentives; staking HYPE and participating in HIP‑3/alt front‑ends was mentioned.

  • Paxos Labs’ view (Alex):

    • Not surprising after the USDH proposal showcased HL’s momentum; validates Hyperliquid’s attractiveness.
    • Highlights a broader “stablecoin endgame”: vertical integration where an issuer also coordinates distribution and managed primitives (lending, front‑ends, market venues).
    • Competition landscape:
      • On HL spot, USDC and USDT will be enshrined (no 200–300k HYPE staking requirement) — they’ll compete head‑to‑head there.
      • Nonetheless, there remains significant opportunity for ecosystem‑native participants (Native Markets, Paxos Labs) to craft integrated experiences with their stablecoin as the quote/base asset in product suites (perps, lending, structured yield).

  • June’s complementary themes:

    • HIP‑3/alternative front‑ends and perpetual markets remain crucial fields for differentiation.
    • Ecosystem incentives should be channeled to reinforce sustainable adoption, not just short‑term TVL swings.

Community/Validator Perspective (“Carl” and others)

  • Rationale for supporting Paxos Labs presented by a validator/community voice (summarized by the moderator):
    • Enterprise rails: Paxos’ B2B relationships (e.g., PayPal/Venmo scale) can onboard institutional dollars into HL, reducing dependence on centralized exchanges as intermediaries.
    • Regulatory trajectory: If U.S. policy greenlights more crypto‑native activities (perps/futures), a compliant issuer‑distributor like Paxos is well‑positioned to channel capital.
    • Mass adoption thesis: Neutral, compliant entities appeal to enterprises; Paxos Labs can catalyze broader distribution, liquidity, and user acquisition over time.
    • Conclusion: Even with Native Markets holding USDH, Paxos Labs’ continued presence in Hyperliquid is desirable; the community may increasingly recognize the value of Paxos‑led integrations as the market matures.

Key Takeaways and Highlights

  • Native Markets secured the USDH ticker; the community prioritized native alignment, clarity of yield sharing to AF and ecosystem incentives, and a long track record.
  • Paxos Labs reinforced its commitment to Hyperliquid regardless of the outcome: continue building yield infrastructure, alt front‑ends/HIP‑3 engagement, and compliant integrations.
  • Athena was widely acknowledged (by both June and Alex) as the strongest team outside the top two finalists — professionalism and DeFi integration depth were cited.
  • The V2 iteration from Paxos Labs aimed to clarify tokenomics and bring enterprise distribution partners into scope, reflecting a “whole‑stack” stablecoin strategy.
  • USDC’s entry onto Hyperliquid EVM with incentives validates HL’s gravity; competition on spot will be intense, but there is ample room for native, integrated stablecoin ecosystems to differentiate via product suites and managed primitives.

Open Items / What Wasn’t Finalized in This AMA

  • Specific product timelines or new deployments by Paxos Labs post‑USDH weren’t disclosed; the team emphasized alignment and intent rather than dated roadmaps.
  • Further details on HIP‑3/alt front‑end participation by Paxos Labs may follow in future proposals or community threads.

Glossary/Entities Mentioned (for clarity)

  • Hyperliquid (HL) — On‑chain perp/spot exchange with Hyper EVM and HIP‑3 (front‑end) frameworks; uses builder codes and AF (Alignment Fund) incentives.
  • Paxos Labs — Formerly Nucleus; acquired by Paxos to build DeFi products. Deep history with HL (L‑HYPE, WHLP via Looping Collective).
  • Native Markets — Winner of the USDH ticker proposal; long‑time HL contributor led by Max.
  • Athena — Another strong RFP participant; recognized for professionalism and DeFi integration capability.
  • HIP‑3 — Hyperliquid’s alternative front‑end framework (front‑ends stake HYPE for rights/incentives).
  • AF — Alignment Fund in the Hyperliquid ecosystem (recipient of part of yield/incentives in proposals).
  • L‑HYPE/WHLP — Tokens/vehicles associated with HL ecosystem products launched by Looping Collective/Paxos Labs.
  • USDC/USDT — Enshrined stablecoins on HL spot (no long‑term HYPE staking requirement for listing on spot).

Bottom Line

Paxos Labs used this AMA to underline: (1) their early, substantive involvement with HL’s technical stack; (2) a V2 vision centered on clear tokenomics and enterprise‑grade distribution; (3) respect for the community’s decision to select Native Markets; and (4) a commitment to continue building compliant, yield‑centric infrastructure on Hyperliquid. The broader ecosystem is heating up (USDC’s entry), but Paxos Labs sees room for native, vertically integrated stablecoin product suites to flourish within HL’s builder‑code, front‑end, and AF‑incentive model.