Ethena Labs has announced a strategic investment of millions of dollars in Based, a key player in the Hyperliquid ecosystem. This partnership aims to enhance the adoption of Ethena's USDe and USDtb products on Hyperliquid. Based will integrate these stablecoins as payment options on its debit card and introduce savings features to broaden their use cases. The investment will also benefit sENA token holders, who will receive exclusive Based Points rewards. Based is a significant contributor to the Hyperliquid ecosystem, responsible for about 7% of its perpetual contract trading volume.