HyENA Officially Launches: Ethena-Backed, USDe-Margined Perp DEX Lands on Hyperliquid

深潮Pubblicato 2025-12-10Pubblicato ultima volta 2025-12-10

Introduzione

HyENA, a new perpetual DEX developed by the Based team, has officially launched on Hyperliquid. Supported by the Ethena Foundation, it introduces a novel trading model that allows users to post USDe as margin. A key innovation is that eligible USDe earns up to 12% APY while being used as collateral, enabling traders to generate yield on otherwise idle assets. The platform initially supports perpetual contracts for BTC, ETH, SOL, and HYPE. It also introduces a new DeFi primitive, HLPe, which consolidates various revenue streams like maker profits and funding rates into a single vault share for greater transparency and capital efficiency. HyENA is one of the first major products built on Hyperliquid's new HIP-3 standard, which allows builders to deploy their own perpetual markets with customizable parameters by staking HYPE. This framework enables faster listing of new trading pairs and innovative incentives while inheriting Hyperliquid's high performance. The Based team, a top builder on Hyperliquid and backed by Ethena, views HyENA as a critical step in establishing USDe as a premier margin asset in decentralized finance, bringing a high-frequency use case from centralized exchanges onchain.

At 9 PM Beijing Time on December 9th, the new Perp DEX — HyENA, developed by the Based team, officially launched on Hyperliquid and supports using USDe as margin. HyENA is supported by the Ethena Foundation and introduces a new trading model to the on-chain perpetual market by enhancing capital efficiency, allowing idle margin assets to continuously earn yields during trading periods.

The launch of HyENA further expands the USDe ecosystem and introduces institutional-grade margin efficiency to the on-chain perpetual market.

More Efficient Perpetual Trading with USDe

HyENA allows users to open perpetual contract positions using USDe as margin/collateral and eligible USDe margin can earn up to 12% APY in the first month after launch. This means that margin assets, which were previously non-yield-bearing, can now continuously generate interest during holding periods, enabling a "trade while earning" experience.

HyENA initially supports four trading pairs: BTC, ETH, SOL, and HYPE.

This launch also introduces the new DeFi primitive HLPe, which integrates core revenue sources such as market-making yields, trading fees, and funding rates into a single vault certificate, making the yield structure more transparent, composable, and further enhancing capital efficiency.

Powered by HIP-3: Builder-Deployed Perpetual Markets

HyENA is one of the first major products built on Hyperliquid’s latest standard, HIP-3 (Builder-Deployed Perpetuals). Under the HIP-3 framework:

  • Builders need to stake HYPE to obtain market deployment permissions and assume corresponding responsibilities

  • Each DEX (including HyENA) can freely configure market parameters (oracle, leverage, fees, position caps, etc.)

  • Builders can safely pause or settle markets when necessary

  • A unified Dutch auction mechanism ensures fair deployment costs

  • Protocol-level trading fees will be proportionally distributed to the deployer

Leveraging HIP-3, HyENA can list new perpetual trading pairs faster, test more innovative incentive mechanisms, and operate in a transparent, permissionless environment while inheriting the high performance and security of Hyperliquid’s underlying infrastructure.

Supported by Ethena, Developed by a Top Hyperliquid Builder

Based is the development team behind HyENA and is currently the highest-earning Builder in the Hyperliquid ecosystem, having outperformed Phantom. The Ethena Foundation is one of Based’s key investors and views HyENA as a critical step in advancing USDe as a premier margin asset for decentralized exchanges.

Edison Lim, Founder and CEO of Based App:

“HIP-3 opens the door to fully permissionless, builder-owned perpetual markets, and HyENA will be one of the first major markets to fully realize the potential of this standard. By using USDe as core margin, we enable idle collateral to continuously earn yield while users trade, which is a significant step forward for Hyperliquid’s capital efficiency.”

Guy Young, Founder of Ethena:

“Users on centralized exchanges like Bybit and Binance have already shown a preference for using USDe as margin, especially with reward incentives. The launch of HyENA will bring genuine, high-frequency, real-demand use cases for USDe in decentralized scenarios. This is a major milestone in advancing USDe as a primary margin asset for on-chain perpetual markets.”

Related Links

X: https://x.com/hyenatrade

Website: https://www.hyena.trade/

Access Code: BASE

Domande pertinenti

QWhat is HyENA and on which platform was it officially launched?

AHyENA is a new Perp DEX (Perpetual Decentralized Exchange) developed by the Based team. It was officially launched on the Hyperliquid platform.

QWhich stablecoin does HyENA support as margin collateral, and what additional benefit does it offer to users?

AHyENA supports USDe as margin collateral. A key benefit is that users can earn up to 12% APY on their USDe margin while their positions are open, allowing their collateral to generate yield.

QWhat new DeFi primitive did HyENA introduce, and what is its purpose?

AHyENA introduced a new DeFi primitive called HLPe. It consolidates core revenue sources like market making yields, trading fees, and funding rates into a single vault token, making the yield structure more transparent and composable, thereby improving capital efficiency.

QWhat is the name of the Hyperliquid standard that HyENA is built on, and what are its key features?

AHyENA is built on the Hyperliquid standard HIP-3 (Builder-Deployed Perpetuals). Its key features include requiring builders to stake HYPE for market deployment rights, allowing builders to configure market parameters, enabling builders to pause or settle markets, and distributing protocol trading fees to the deployer.

QWhich trading pairs are initially supported on the HyENA platform?

AHyENA initially supports four trading pairs: BTC, ETH, SOL, and HYPE.

Letture associate

Emission Shock: TRUMP, MELANIA lose 86–99% as circulating supply doubles in three months

New tokens like TRUMP and MELANIA have plummeted 86–99% in value as their circulating supply doubled within three months, according to Tokenomist data. The report highlights aggressive token emissions and expanding float as key factors causing severe price declines, despite initial hype. Examples include Layer (-99.7%), Melania (-98%), and GoPlus Security (-92%). Market liquidity has shifted toward major cryptocurrencies and real-world assets, leaving newer tokens vulnerable. Even projects with genuine utility, like GoPlus, suffered due to poor tokenomics. The analysis concludes that unsustainable emission schedules and weak supply control are primary drivers of post-launch price collapse.

ambcryptoAdesso

Emission Shock: TRUMP, MELANIA lose 86–99% as circulating supply doubles in three months

ambcryptoAdesso

Verse8's Self-Description: How to Support Creative Expression in the AI Era

Verse8 is an AI-native creation layer that transforms ideas into interactive games and stories, where every creation can be owned, remixed, and accumulate value over time. Unlike OpenAI (chat), Runway (video), or Stability (image), Verse8 focuses on interactive content as the new expressive medium, starting with games as its first vertical. The platform was built to overcome the high barriers of traditional interactive content creation—long cycles, high costs, and complex coordination across coding, art, and design. By collapsing the entire production process into a single prompt, Verse8 eliminates creative friction, automates invisible work, and enables anyone to express ideas interactively. Its core architecture consists of two layers: - **Agent8**: A multi-agent system that acts as a full production team—handling art, code, design, and testing through a single prompt. It includes an AI-native web engine with templates (FPS, RPG, etc.), automated asset generation (2D/3D optimization, animation, audio), and built-in infrastructure (Git, servers, analytics, payments). - **Verse8 Ecosystem**: A global deployment network where creators can instantly publish, share, and remix content. Integrated with Story Protocol, it enables on-chain IP ownership and programmable rights, allowing derivative works while rewarding original authors. Verse8 aims to democratize creativity—enabling everyone to create, not just consume. It supports instant world-building, prompt-based creation, and collaborative value growth through remixing and shared ownership. Learn more: Website: https://verse8.io X: https://x.com/Verse_Eight Discord: https://discord.gg/verse8-official

深潮1 min fa

Verse8's Self-Description: How to Support Creative Expression in the AI Era

深潮1 min fa

Can Uniswap reclaim $6 after whales grabbed 9mln UNI at discount?

Uniswap (UNI) continued its decline, falling to $5.3 after being rejected at $10 a month ago. Despite a slight recovery to $5.5, the token faced strong bearish pressure, dropping below its Parabolic SAR. However, this cooldown attracted significant whale activity, with large holders accumulating over 7.5 million UNI in 24 hours, indicating renewed confidence. Exchange data showed negative netflow, suggesting spot-side accumulation. On the daily chart, UNI showed early rebound signs with a bullish crossover on the Relative Vigor Index, though bears retained control. If demand persists, UNI could target $6.06 and $6.7, but fading demand may lead to a retest of $5.3.

ambcrypto11 min fa

Can Uniswap reclaim $6 after whales grabbed 9mln UNI at discount?

ambcrypto11 min fa

Ethereum Narrative Ends, BTC L2 Fights Back? 20 Major Predictions for the Crypto Industry in 2026

The article "20 Predictions for Crypto in 2026" presents a forward-looking analysis of the cryptocurrency industry. Key predictions include: Ethereum's value shifting towards asset value rather than tech narrative; stablecoin issuance outpacing Layer2 growth; the decline of rollup clusters and privacy-focused projects; the end of retail mining in favor of ETF-like on-chain vaults; and a major hack in "trustless asset management" protocols causing over $100M in losses. Other forecasts highlight the launch of Bitcoin Layer2 solutions, adoption of non-USD stablecoins, and Rollups competing through applications rather than infrastructure. AI is expected to replace communities for asset discovery, while traditional NFTs won’t recover. Celebrity-issued creator tokens on Base will fade quickly. Additional trends include custom Uniswap v4 pools for RWAs, exchanges pushing on-chain products, a shift from retroactive to future governance funding, and a resurgence in token launches. DAOs and delegates will decline in influence, network states may issue real-world assets, AI bug detection tools will emerge (but not replace audits), and prediction markets will face regulatory scrutiny due to insider incentives. The article concludes by emphasizing that these are personal predictions and not investment advice.

比推18 min fa

Ethereum Narrative Ends, BTC L2 Fights Back? 20 Major Predictions for the Crypto Industry in 2026

比推18 min fa

Greed spikes into the FOMC window – Can Bitcoin avoid another sentiment trap?

Bitcoin's price hovered near $93,000 ahead of the FOMC meeting, with retail investors showing strong buying interest and social media FOMO surging. However, repeated rejections around the $94,000 supply zone indicated hesitation among buyers. Despite short-term bullish signals, bearish RSI divergence suggested weakening momentum. A break above $96,500 could open a path toward $100,000 or higher, but failure to surpass the supply zone may lead to a pullback, as current retail optimism appears vulnerable to a sentiment-driven correction.

ambcrypto20 min fa

Greed spikes into the FOMC window – Can Bitcoin avoid another sentiment trap?

ambcrypto20 min fa

Trading

Spot
Futures
活动图片