Hey folks, if you're deep into the Hyperliquid ecosystem, you've probably heard the buzz around their USDH stablecoin Request for Proposal (RFP). For the uninitiated, an RFP is basically a call for bids where projects pitch ideas to build or issue something—in this case, a USD-pegged stablecoin ticker ($USDH) on the Hyperliquid chain, a popular decentralized perpetuals exchange powered by its $HYPE token. It's a big deal because stablecoins like USDH could supercharge liquidity and trading on the platform.

But things got spicy fast when Haseeb Qureshi, managing partner at Dragonfly Capital, dropped a bombshell thread on X (formerly Twitter). He called the whole RFP process a "farce," alleging that validators—key players who secure the network and vote on proposals—aren't even entertaining bids from established names like Ethena, Paxos, and others. Instead, they're laser-focused on Native Markets, a brand-new startup that's barely out of the gate.

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Haseeb points to the timing as suspicious: Native Markets' proposal dropped almost right after the RFP announcement, like they had insider info, while everyone else was scrambling over the weekend. He argues the community vibe is leaning toward proven players—Ethena with its synthetic dollar sUSDe, Paxos with its regulated stablecoins—over this upstart. To back it up, he shared a Polymarket prediction market chart (embedded above) showing the odds. Ethena's chances skyrocketed when their proposal hit, hitting over 50% briefly, but cratered within hours to around 18% as reality set in. Native Markets now sits at a comfy 71%, with Paxos at 7% and Sky at 5

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Follow-up pings from other bidders echoed the frustration, with one anonymously claiming it feels "fixed" for Native Markets, and that the team underestimated how competitive it'd get. Haseeb's not pulling punches, suggesting the validators are ignoring delegators (stakeholders who entrust their $HYPE to validators) and the broader community.

Of course, the replies were a wildfire. Defenders of Native Markets, like trader Keisan.hl, pushed back hard. They spent days in Telegram groups with big $HYPE holders and say the process has been transparent—Paxos led early polls, but Native's detailed proposal won over hearts with its long-term alignment to Hyperliquid's native ecosystem. No backroom deals, just genuine debate. Others

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, like GuthixHL, who joined validator chats as a delegator, confirmed there's been robust discussion, and sentiment shifted organically after Native beefed up their pitch.

Critics called out Haseeb's potential biases—Dragonfly has stakes in Ethena, Agora (another bidder), and more. Fair point, but Haseeb clarified they're diversified across the space, including Hype and Sky, and this is more about governance integrity than picking winners.

A poll from Fat Cats, a group of early Hyperliquid whales and builders, also favors Native Markets, showing it's not just validators calling the shots—stakers can always move their $HYPE elsewhere if they're unhappy.

So, what's the takeaway for us in the meme token and blockchain world? Hyperliquid's $HYPE has been on a tear, blending DeFi with perp trading in a way that's meme-worthy in its hype (pun intended). But this RFP saga highlights the growing pains of decentralized governance: when billions in stake are on the line ($16B TVL here), transparency matters. If Native Markets pulls it off, expect a tightly integrated USDH that boosts native liquidity. But if the community's right, sidelining giants like Ethena could spark forks or migrations.

Keep an eye on the votes—it's not over yet. What's your take? Native's alignment or Ethena's track record? Drop your thoughts below, and stay tuned to Meme Insider for more on how this shakes out for $HYPE and beyond.