Nansen x HypurrCo Validator has been a committed part of the Hyperliquid ecosystem since its early days, with 23,606 stakers under our validator alone, representing more than half of the 45,542 total stakers across the network. With this responsibility, we see our role not just as securing the chain, but as carrying the collective voice of a significant portion of the community. We take this stewardship seriously, ensuring that our decisions reflect broad perspectives and long-term alignment with Hyperliquid’s growth. 

Over the past week, we made it our utmost priority to engage deeply in this governance process. We:

• Held discussions across our Telegram (5.2k members) and X (20k followers).
• Consulted with both whale and general stakers, applying our hybrid methodology that balances stake weight with community representation.
• Reviewed the proposals in detail, listened in to others AMAs, posed questions to teams on their proposal threads, read every DM and opinion our stakers and community gave, and hosted a stablecoin roundtable with the teams that garnered more than 4.3k listeners to better understand their vision. 

After this deliberate and careful process, we are officially announcing our aggregated support for Native Markets to receive the canonical $USDH ticker.

Why Native Markets?

This decision was shaped by the ecosystem participants, stakers and community.
Personally, as early contributors to the ecosystem and community, we have been continuously impressed by Max Fiege’s contribution to Hyperliquid. Max has assembled an all-star team, including Mary-Catherine Lader (former President and COO of Uniswap Labs) and Anish Agnihotri.

Additionally, the $USDH ticker is well suited for being:

• Hyperliquid-first
• Hyperliquid-aligned
• Compliant
• Natively Minted

In this regard, we believe Native Markets is an excellent fit to fulfil the role of receiving the $USDH ticker. 

Aggregated Results & Tabulations

To ensure transparency, we are publishing the weighted breakdown of how this decision was reached. Our hybrid methodology incorporates both stake-weighted input (70%) and community representation (30%).

📊 Final Tally

• Whale Stakers (52.5 pts): 50% support Native

• General Stakers (17.5 pts): 42% support Native

• HypurrCo & Frens (7 pts): 35% support Native

• HypurrCore (3 pts): 75% support Native

• X Polls (5 pts): 57.9% support Native

• Validator Stewardship (15 pts): N/A 

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Aggregated Weighted Result:

• Native Markets – 41.195%
• Paxos – 38.75%
• Ethena – 3.725%
• Agora – 1.12%
• Sky – 0.14%
• OpenEden – 0.07%

While every proposal brought forward strong ideas, the outcome was very close, reflecting just how competitive the process was. In the end, Native Markets edged ahead, with a vision the community believes best aligns with the long-term success of Hyperliquid. The journey ahead will be dynamic, and the ecosystem deserves a team solely focused on advancing USDH as a core primitive for the network’s future.

* P.S. It’s also important to note that the Validator Stewardship (15 pts) category abstained from voting in this round. This was an intentional choice. Rather than weighing in, we wanted to ensure that the decision was shaped directly by the community and stakers themselves. By stepping back, we allowed the ecosystem’s voice to come through more clearly and avoided tilting the balance in such a closely contested outcome.

Our Commitment Going Forward

Our validator operates with near 100% uptime, ensuring maximum reliability for our stakers and the network. We do this without paying our own team - every contribution is voluntary and mission-driven. Beyond infrastructure, we actively support regional communities and builders, providing grassroots support where Hyperliquid needs it most.

This decision is not just about casting a vote, it reflects our validator’s belief in strengthening the Hyperliquid ecosystem for the long run. We are committed to:

• Transparency: Continuing to share our decision-making framework and rationale with the community.
• Support: Working alongside builders and validators to ensure USDH gains adoption and stability.
• Alignment: Ensuring that the voice of our 23,678 stakers and wider community is represented in every governance process.

We encourage our fellow validators and community members to do their own deep research, engage with the teams, and form an informed opinion on what will best serve Hyperliquid’s future.

For those who share our stance, we welcome you to delegate your HYPE to the “Nansen x HypurrCo” validator. Together, we can strengthen the ecosystem with transparency, fairness, and strong community alignment at the core.

‍Regardless of the votes, Hyperliquid wins, and that’s all that matters. 

The recent process has generated substantial interest in the Hyperliquid ecosystem, and we are confident that value will be effectively captured moving forward. We trust that the community will continue to provide strong support, regardless of the winner, and collaborate towards the success of the ecosystem. $USDH will be enabled as a quote asset, driving both value capture and enhanced flows within the ecosystem.

Regardless of the vote, we're committed to help Hyperliquid ecosystem grow further, and will be supporting Paxos, Native Markets, Frax, Agora, Sky, Ethena and the rest of the teams should they come onboard with their initial proposals (with or without the ticker).

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✨ Once the proposal concludes, please consider staking back with us if you’ve redelegated. Your HYPE directly fuels our efforts to maintain uptime, support builders, and grow the Hyperliquid ecosystem. Every delegation matters.

Job’s not finished.
Hyperliquid. 

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