Huo Xing Cai Jing reports that, on August 28, HyENA announced it will gradually shut down all its markets. HyENA, previously built by the Based team on Hyperliquid’s HIP-3 standard and backed by Ethena’s USDe, was designed to generate yield on traders’ idle margin used for perpetual contracts and return earnings originally captured by the issuer back to the community. Since its launch, HyENA has processed over $4 billion in trading volume, served more than 12,000 traders, and generated nearly 2.5 million USDe in rewards for users’ USDe margin. HyENA noted that at its launch, alternative stablecoins and dollar-denominated assets on Hyperliquid were in an open competitive phase, with USDT, USDe, and USDH vying for market share. However, with Hyperliquid’s deepening strategic alignment with USDC, this competitive landscape has shifted. HyENA believes strengthening the USDC ecosystem is a more rational direction for Hyperliquid and its community, but this has also reduced the growth potential for USDe margin on the platform. As a result, the team has decided to cease operations and shut down all HyENA markets. User funds are not at risk. Specifically, HyENA’s markets will be delisted sequentially between August 31 and September 2, with one market closed per hour. After delisting, the mark price of each market will converge to the one-hour weighted average of the oracle price, followed by settlement. Users need take no action—positions will be automatically settled at the final mark price, and margin will be returned to the spot balance. Additionally, HLPe deposits and accumulated rewards can be claimed and withdrawn free of charge via Upshift at a 1:1 ratio, subject to a one-day redemption period; the final reward distribution date was August 27, and the final alliance rewards will be distributed on September 9. Ethena Exchange Rewards ended in June 2026; HyENA Points have been finalized and will not be snapshotted, converted, or distributed—points have no monetary value. HyENA has no token and no token issuance plan.
HyENA Announces Gradual Closure of All Markets and No Token Plans
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Summary
HyENA announced the phased closure of all markets, citing Hyperliquid’s strategic shift toward USDC. Built on HIP-3 and supported by USDe, the platform processed $4 billion in trading volume and served 12,000 traders. Markets will be delisted between August 31 and September 2, with automatic settlements and fund returns. Users can redeem HLPe deposits via Upshift after a one-day window. HyENA has no token and no plans to issue one. Traders monitoring altcoins may observe the impact on market sentiment, particularly amid a rising Fear & Greed Index.
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