HyENA News & Analysis Today

Ethena launches hyena to boost usde adoption in hyperliquid ecosystem

After an unprecedented surge, the DeFi protocol Ethena was forced to weather a sharp setback: collapsing funding rates nearly halved the market capitalization of USDe, the protocol’s native stablecoin. Now Guy Young’s team is mounting a counteroffensive. With the new HyENA platform, Ethena aims to establish USDe as the default collateral for perpetual trading within the Hyperliquid ecosystem. After Circle’s token was already replaced by USDH on the “main” Hyperliquid, USDe on HyENA is expected to unlock entirely new possibilities.