At launch, HyENA offers HYPEUSDE BTCUSDE ETHUSDE and SOLUSDE pairs with more to follow. Traders use the same Hyperliquid account since matching risk control and execution remain native to Hyperliquid. HyENA supplies collateral incentives and its interface.

HyENA grows, margin becomes yield and Ethena earns half of fees. If market share expands, annual revenue could climb fast. If USDe supply come back ATH, total fees may rise sharply, defining a phase where collateral works for traders in real use now.

Different users gain different benefits. Perp traders retain the familiar feel of USDC markets. Desks reduce the drag of zero yield collateral and gain access to positive carry structures. Defi users access a model that succeeded on major CEXs now rebuilt onchain.

For passive users the HLPe Vault on HyperEVM aggregates revenue from funding market making and liquidations while offering elevated Ethena points for Season 5. It provides a route for users who prefer structured strategies over high frequency trading.

Based continues as the highest revenue builder on Hyperliquid offering strong signals for adoption once HyENA opens fully. Early access is controlled through referrals to manage flow and test performance ensuring stable operations during the guarded launch.

A position migrator supports smooth transition from USDC margined markets. Eligible users receive reimbursement for fees spent closing USDC positions converting into USDe and reopening identical exposure allowing frictionless movement into the new margin layer.

HyENA does not create a new token. Instead the system ties rewards to trading behavior and margin productivity. Traders with consistent activity and thoughtful risk usage capture the highest share of incentives across the lifetime of the program design.

I respect @PendleIntern as an intern the most 🙄

ETH meta is back!! Pendle has listed two 2 pools from @LidoFinance, stRATEGY vault managed by @mellowprotocol, and GGV vault managed by @veda_labs. FYI, these 2 vaults aim to earn curated DeFi rewards centered around stETH through deployment on bluechip DeFi protocols like

Ethena then partnered with @nunchi, which launched perpetuals on yield markets using USDT as the quote asset. Fees flow back to Ethena, while nHYPE stakers receive 20x Ethena rewards to fuel adoption and early liquidity across Hyperliquid too.

Ethena's momentum on Hyperliquid continues. The market may be entering a downtrend, but Ethena shows an opposite trajectory, adding partners, products, liquidity, and deeper integrations. Its uptrend isn't price-driven; it's powered by consistent execution. Ethena everywhere!