Ethena shuts down HyEna perpetuals platform after Hyperliquid standardized USDC as primary quote asset under AQAv2.
DeFi & Yields ·
Ethena is shutting down HyEna, its perpetuals trading platform built on Hyperliquid that allowed traders to earn rewards on USDe margin. The closure follows Hyperliquid's decision to align with USDC as its primary quote asset under AQAv2, a shift that fundamentally altered the competitive landscape for alternative stablecoin designs on the exchange. During its operational period, HyEna processed over $4 billion in cumulative volume across more than 12,000 traders and distributed close to 2.5 million USDe in margin rewards.
The platform operated on the premise that collateral posted by traders could generate yield rather than remain idle—a model that worked when multiple stablecoins competed for adoption on Hyperliquid. The standardization around USDC has eliminated that multi-asset environment and reduced the strategic rationale for continuing USDe-margined trading on the venue. HyEna will delist all markets sequentially between August 31 and September 2, with positions settling automatically at a one-hour time-weighted average oracle price. Margin and HyEna-native deposits return to user spot balances without requiring manual intervention.
Final reward issuance occurred on August 27, with affiliate payouts concluding September 9. HyEna Points hold no monetary value and are not convertible. No HyEna token exists or is planned. User funds face no risk during the wind-down process, and platform resources remain accessible through at least September 30.