HyENA platform shutters after processing $4 billion in trades

The platform will begin a phased withdrawal starting August 31, systematically removing one market per hour until September 2. Rather than requiring manual intervention, the protocol will automatically settle open positions as markets are delisted. During this process, the mark price for each contract will converge toward the one-hour weighted average of the relevant oracle price, with remaining margin returned to users' spot balances. The team emphasized that user funds remain secure throughout the transition.

HyENA, developed by the Based team, utilized Hyperliquid’s HIP-3 framework to allow traders to use Ethena’s USDe as collateral for perpetual contracts. However, Hyperliquid’s pivot toward USDC—bolstered by a partnership with Coinbase—reshaped the network's stablecoin landscape. As USDC became the preferred asset, the opportunity for USDe-based margin models diminished. While HyENA generated nearly 2.5 million USDe in rewards for its users, the team confirmed it will not issue a native token, leaving existing HyENA Points without further utility or conversion value. Holders of HLPe can continue to redeem their holdings at a 1:1 rate through Upshift.