HyENA is winding down its perpetual trading platform and will delist all of its markets between August 31 and September 2, citing Hyperliquid’s growing alignment with USDC.
The platform, built by the Based team using Hyperliquid’s HIP 3 standard and powered by Ethena’s USDe, was designed to allow traders to earn rewards on stablecoin margin while keeping capital available for trading.
HyENA said it processed more than $4 billion in cumulative trading volume and served over 12,000 traders during its operation. Users earned nearly 2.5 million USDe in rewards on deposited margin.
The project launched as several stablecoins, including USDT, USDe and USDH, competed for adoption across Hyperliquid. HyENA said that environment has changed following Hyperliquid’s deeper alignment with USDC.
The team said the shift makes sense for Hyperliquid and its community, but reduces what USDe based margin can achieve on the platform and weakens the case for continuing HyENA.
