The battle for Hyperliquid’s USDH ticker is a referendum on what crypto wants to be: a community-first public good, or a globally scaled, institution-ready product. 
With the clock ticking toward the proposal and voting deadlines, Agora’s Nick van Eck and Paxos Labs’ Bhau Kotecha lay out their cases—100% revenue back to users vs. 95% with enterprise distribution, “Hyperliquid alignment” versus “bring it to the masses,” and what each would build on day one if they win. 
We also dig into liquidity, slippage claims, validator dynamics, and how a single ticker could shape the future of onchain markets.