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

深潮Опубліковано о 2025-12-10Востаннє оновлено о 2025-12-10

Анотація

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.”

Пов'язані питання

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.

Пов'язані матеріали

Canadian Crypto Traders In Trouble? Regulator Flags 40% For Possible Tax Fraud

Canada's tax authority, the Canada Revenue Agency (CRA), has identified that approximately 40% of cryptocurrency users may be at risk of tax non-compliance. This finding is part of a broader effort to integrate crypto activity into the tax system. The CRA's specialist unit has conducted over 230 audits, recovering between C$72 million to over C$100 million in unpaid taxes. The agency has increasingly used court orders to obtain user data from platforms like Dapper Labs, as crypto transactions are often difficult to trace. While civil recoveries have been significant, criminal charges remain rare due to the high burden of proof required for establishing willful tax evasion. The CRA's actions signal heightened scrutiny for both crypto users and platforms, emphasizing the importance of maintaining accurate records.

bitcoinistЩойно

Canadian Crypto Traders In Trouble? Regulator Flags 40% For Possible Tax Fraud

bitcoinistЩойно

Ethena strengthens after $443 mln whale shift – Can ENA’s uptrend continue?

Ethena (ENA) shows strong bullish signals after a major whale movement of 1.59B ENA ($443.33M) withdrawn from Coinbase Prime, indicating confidence and accumulation. Buyers defended the demand zone, and the price broke out of a descending channel. Technical strength is supported by a rising Directional Movement Index (DMI), with the +D line leading, signaling buyer control. Binance’s long/short ratio climbed to 71.67%, reflecting strong conviction. Open Interest increased by 3.90% to $358.85M, confirming renewed derivatives engagement. Aggressive spot buying and sustained Taker Buy CVD dominance suggest continued upward momentum. If key resistance levels at $0.300 and $0.3462 are reclaimed, ENA could see further extension.

ambcrypto3 хв тому

Ethena strengthens after $443 mln whale shift – Can ENA’s uptrend continue?

ambcrypto3 хв тому

Vitalik Buterin says Ethereum can handle temporary loss of finality

Vitalik Buterin, co-founder of Ethereum, stated that the network can tolerate temporary losses of finality without serious risk, even after a recent client bug nearly disrupted its confirmation mechanism. Buterin emphasized that while finalization indicates a block is irreversible, occasional delays of several hours due to bugs are acceptable. The critical issue to avoid is finalizing incorrect blocks. Experts, including Fabrizio Romano Genovese, supported this view, noting that during such events, Ethereum operates similarly to Bitcoin, which relies on probabilistic finality. In Ethereum, finality is achieved when a block receives over 66% of validator votes and remains unchallenged for over two epochs (64 blocks). While this mechanism ensures deterministic finality, its temporary loss reverts the network to probabilistic guarantees, as seen in a May 2023 incident. The loss of finality may impact infrastructure like bridges and layer-2 solutions, potentially delaying deposits or cross-chain transactions. However, users would not face transaction rollbacks or invalidations. Polygon confirmed that operations would continue normally, though transfers from Ethereum might be delayed until finality is restored. Genovese noted that developers choosing not to implement fallback mechanisms for finality loss bear responsibility for such delays.

cointelegraph5 хв тому

Vitalik Buterin says Ethereum can handle temporary loss of finality

cointelegraph5 хв тому

The Bitcoin Vector #33

This report, titled "The Bitcoin Vector #33," is locked and requires a subscription to access. The full content is only available to paying subscribers of the service, which starts at a rate of $175 per month. The brief preview indicates that the report includes an executive summary, but the main analysis and details are behind a paywall. Existing subscribers are prompted to log in to their account to read the full article.

insights.glassnode9 хв тому

Space Recap | When a Weakening Dollar Meets a Resurgence in Liquidity: Crypto Market Trend Analysis and Tron TRON Ecosystem Strategy

A review of a recent Space discussion explores the connection between a weakening US dollar, improving global liquidity, and potential trends in the cryptocurrency market. While recent market rebounds align with these macro shifts, analysts caution against declaring a definitive trend reversal, characterizing the current state as a "repair" phase following excessive pessimism. Key takeaway is that a true market inflection point requires sustained signals: confirmation of a Fed easing cycle with continuous rate cuts, a fundamental weakening of the US economy suppressing the dollar, and a synchronized rise in non-US currencies. Investors are advised to monitor the next 1-2 months for persistence in dollar weakness and concrete Fed action. The discussion also outlined a probable capital flow trajectory: liquidity would first enter core mainstream assets like Bitcoin and Ethereum. Assets with solid utility, like TRX with its payment demand and user base, are also positioned for early benefit. This would be followed by a rotation into higher-yield, narrative-driven sectors like RWA, AI, and Meme coins. The Tron (TRON) ecosystem was highlighted as a strategic entry point and hub for this potential capital rotation. Its position as a major network for stablecoin circulation (like USDT) offers a low-risk, non-volatile on-ramp. Users can then earn stable yields through its DeFi protocols (e.g., JustLend DAO, SUN.io) while awaiting clearer market trends. Finally, its native DEX, SunSwap, provides a seamless gateway to convert stable yields into higher-risk, high-reward生态 assets (e.g., AINFT, SunPump) when market sentiment improves, enabling a strategy of participating cautiously while preparing for potential upside.

深潮14 хв тому

Space Recap | When a Weakening Dollar Meets a Resurgence in Liquidity: Crypto Market Trend Analysis and Tron TRON Ecosystem Strategy