ChainThink reports that on August 28, according to an official announcement, HyENA has declared it will gradually shut down all markets and has no plans to issue a token.
Previously built on Hyperliquid’s HIP-3 standard by the Based team, Ethena’s USDe enables traders to earn yield on idle margin used for perpetual contracts and return it to the community.
Since launch, we have processed over $4 billion in trading volume, served over 12,000 traders, and distributed nearly 2.5 million USDe in rewards.
HyENA stated that the closure is due to a shift in the competitive landscape following Hyperliquid’s strategic alignment with USDC, which has limited the growth potential for USDe margin on the platform. User funds are not at risk.
Schedule: The market will be gradually delisted between August 31 and September 2, with one market closing each hour. Positions will be automatically settled at the final funding price, and margin will be returned to your spot balance.
HLPe deposits and accumulated rewards can be claimed for free on Upshift at a 1:1 ratio, subject to a one-day redemption period; the final reward distribution date is August 27, and alliance rewards will be distributed on September 9.
HyENA does not have a token and has no plans to issue one.