Cryptonomist is proud to announce the winners of the Cryptonomist Awards 2025. All winners were chosen entirely by the community, reflecting the projects, and technologiesCryptonomist is proud to announce the winners of the Cryptonomist Awards 2025. All winners were chosen entirely by the community, reflecting the projects, and technologies
Cryptonomist Awards 2025 Winners Revealed
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Cryptonomist is proud to announce the winners of the Cryptonomist Awards 2025. All winners were chosen entirely by the community, reflecting the projects, and technologies that made the strongest impact in the Web3 space this year.
Throughout this week, we will be publishing a series of articles and social media posts showcasing the key achievements of the awarded projects achieved during 2025, offering deeper insight into the innovations, milestones, and contributions that set them apart.
Winners for Cryptonomist Awards 2025
- Most Reliable Crypto Wallet
- Winner: Bitget Wallet
- Cryptocurrency Exchange of the Year
- Winner: Bitget
- Best Crypto On-Ramp & Payments Solution
- Winner: Mercuryo
- Best Self-Custody Crypto Wallet
- Winner: Trezor
- Best Mining Pool of the Year
- Winner: EMCD
- Best DePIN Crypto Project
- Winner: Naoris Protocol
- Most Innovative Web3 Project
- Winner: WeFi
- Best Crypto Card
- Winner: MetaMask
- Best Crypto Trading Platform
- Winner: Trade Republic
- Best Blockchain project in Sustainability
- Winner: HIVE Digital Technologies LTD
- Meme Coin of the Year
- Winner: Pudgy Penguins
- Crypto Casino of the Year
- Winner: CryptoGames
Congratulations to all the winners of this year’s awards, and a big thank you to our amazing community for taking part! This is just the beginning – get ready for the Cryptonomist Awards 2026.
Next year, we’ll be celebrating the winners in a special way during our flagship event, Metaforum, taking place in June in Lugano, Switzerland.
If you’d like to learn more about the awards, feel free to reach out to us at awards@cryptonomist.ch. Our team will be happy to answer any questions about the Cryptonomist Awards 2026 at Metaforum in Lugano.
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A heated contest for control over a new dollar-pegged token has set the stage for what analysts say could define the next phase of the stablecoin industry.
According to Bloomberg, a bidding war unfolded on Hyperliquid, one of crypto’s fastest-growing trading platforms, with the prize being the right to issue USDH, its native stablecoin.
The competition drew some of the sector’s most prominent names, including Paxos, Sky, and Ethena, who later withdrew their bid, alongside the lesser-known Native Markets, a startup backed by Stripe stablecoin subsidiary Bridge.
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Over the weekend, Hyperliquid’s validators, the contributors who secure the network and vote on key decisions, awarded the USDH contract to Native Markets over the weekend.
Despite its relatively new status, the firm’s connection with Stripe helped it outpace more established rivals.
Stablecoins underpin decentralized finance by providing a dollar-backed medium for collateral, settlement, and payments across applications.
What began as a grassroots, community-led sector has evolved into a battleground for institutions and payment companies seeking revenue from interest on reserves.
Circle, for example, shares proceeds from its USDC with Coinbase under a partnership designed to stabilize earnings during market swings.
The Hyperliquid contest offered a rare glimpse into just how intense competition has become. Paxos pledged to take no revenue until USDH surpassed $1 billion in circulation.
Agora offered to share 100% of net revenue with Hyperliquid, while Ethena put forward 95%. All were outbid by Native Markets, whose ties to Stripe’s $1.1 billion acquisition of Bridge and subsequent rollout of the Tempo blockchain positioned it as a strong contender.
“Every stablecoin issuer is extremely desperate for supply,” said Zaheer Ebtikar, co-founder of Split Capital. “They are willing to publicly announce how much they are willing to offer. It just shows it’s a very tough business for stablecoin issuers.”
While USDC remains dominant on Hyperliquid with more than $5.6 billion in deposits, the arrival of USDH could shift flows and revenue dynamics.
Paxos co-founder Bhau Kotecha said the firm sees the exchange’s growth as an important opportunity, while Agora’s co-founder Nick van Eck warned that awarding the contract to a vertically integrated issuer risked undermining decentralization.
Regulatory positioning also factored into the debate. Paxos operates under a New York trust charter and is seeking a federal license, while Bridge holds money transmitter approvals in 30 states.
Native Markets, in a blog post, cited regulatory flexibility and deployment speed as reasons for its selection.
Hyperliquid said the strong engagement from its community validated the process. Circle CEO Jeremy Allaire dismissed concerns over USDC’s status, noting on X that competition benefits the ecosystem.
Analysts suggested that fears of centralization may be exaggerated, noting that Hyperliquid is likely to remain neutral and support multiple stablecoins.
Still, the contest over USDH highlighted a new reality for stablecoins: branding, partnerships, and business strategy are becoming as decisive as technology.
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Hyperliquid has concluded its governance vote for the USDH stablecoin, awarding the mandate to Native Markets after a closely watched process that drew weeks of community debate and rival proposals.
USDH, described by Hyperliquid as a “Hyperliquid-first, compliant, and natively minted” dollar-backed token, is intended to reduce the platform’s dependence on USDC and strengthen its spot markets.
Validators on the decentralized exchange voted in favor of Native Markets, a relatively new player backed by Stripe’s Bridge subsidiary, over established contenders including Paxos and Ethena.
The outcome followed a string of proposals offering aggressive revenue-sharing terms to win validator support, underscoring the scale of incentives attached to controlling USDH.
Hyperliquid’s exchange has become a critical hub for stablecoin liquidity, with $5.7 billion in USDC, around 8% of its total supply, currently held on the network.
At prevailing treasury yields, that translates to an estimated $200 million to $220 million in annual revenue for Circle, underlining why a native alternative could be transformative.
Hyperliquid’s validators, who secure the network and vote on key decisions, selected Native Markets following an on-chain governance process that concluded September 15.
Native Markets has laid out a phased rollout for USDH, beginning with capped minting and redemption trials before expanding into spot markets.
Its reserves will be managed in cash and treasuries by BlackRock, with on-chain tokenization through Superstate and Bridge. Yield from those reserves will be split between Hyperliquid’s Assistance Fund and ecosystem development.
The launch of USDH comes as Hyperliquid records record profits from perpetual futures trading, with $106 million in revenue in August alone, and prepares to slash spot trading fees by 80% to bolster liquidity.
Analysts say the move positions Hyperliquid to capture more of the stablecoin economics internally, marking a significant step in its bid to rival the largest players in decentralized finance
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