Paxos debuts USDG0 to extend its regulated stablecoin across multiple blockchains

Hyperliquid has introduced its HIP-3 growth mode, which aims to reduce transaction fees by 90% to stimulate new market opportunities. This strategic move is expected to enhance user engagement and attract more participants to the platform, potentially increasing liquidity and trading volume.

Paxos has launched USDG0, a new omnichain stablecoin designed to provide fully backed dollar liquidity across multiple blockchains, including Hyperliquid, Plume, and Aptos. This initiative aims to maintain a single regulated supply of the stablecoin across these networks, enhancing its accessibility and usability in the cryptocurrency market.

Hyperliquid's native token, HYPE, is experiencing a notable recovery following a significant liquidation event that saw $96.5 million in BTC-USD perpetual contracts liquidated. This event was part of a larger market downturn that affected over 164,000 traders and resulted in $814 million in total liquidations across various exchanges. Despite this turmoil, HYPE's price has increased by 6% in the last 24 hours, surpassing $41 after maintaining a critical support level of $36.51.

Sonnet has postponed the vote on the merger with Hyperliquid, despite receiving 95% support from the votes cast. The delay is aimed at gathering more shareholders to meet the necessary approval threshold for the merger, which is part of a plan to establish a $1 billion treasury firm focused on HYPE.

Hyperliquid's price demonstrated resilience amid a broader market sell-off on Tuesday, with a reported increase of 6.1%. However, the daily chart reveals multiple bearish patterns that suggest a potential crash could occur, with estimates indicating a risk of a 70% decline. This development raises concerns among investors as the cryptocurrency market continues to face volatility, prompting scrutiny of Hyperliquid's future performance.