HyENA winds down all Hyperliquid markets after $4B+ volume, discontinuing USDe margin trading as Hyperliquid shifts focus to USDC alignment.
DeFi & Yields ·
HyENA, a margin-trading protocol built on Hyperliquid, is discontinuing all its markets after accumulating more than $4 billion in cumulative volume. The shutdown ends support for USDe-denominated margin trading, a core feature that had enabled over 12,000 traders to earn rewards on their collateral while trading perpetuals. The decision follows Hyperliquid's strategic realignment toward USDC, which the HyENA team acknowledges as the right direction for the platform, even as it undermines the economic case for their product.
HyENA operated on the principle that stablecoin collateral posted on exchanges could generate yield for traders rather than remaining captured by issuers. Powered by Ethena's USDe token and built using Hyperliquid's HIP-3 standard, the protocol distributed approximately 2.5 million USDe in rewards to users. The delisting will occur sequentially between 31 August and 2 September, with each market's price settling to a one-hour time-weighted average before automatic position closure. Users can withdraw HLPe deposits and accrued rewards without cost through Upshift, subject to a one-day redemption window.
No user funds face risk during the wind-down. The protocol will issue final rewards on 27 August, with the last affiliate payout on 9 September. HyENA Points carry no monetary value and will not be converted or distributed; no HyENA token exists or is planned. Documentation and support infrastructure remain accessible through at least 30 September.