Ethena Labs is accelerating its presence on Hyperliquid, as revealed by founder Guy Young. The company plans to collaborate with Liminal to introduce a new stablecoin, which will lock 1 million HYPE tokens and offer the same fee discounts as USDH. This stablecoin will support BTC, ETH, and SOL as collateral and provide returns similar to USDe. Additionally, Ethena has invested in Based to advance the HIP-3 joint exchange initiative. Users can still participate in the ongoing points mining activities with Liminal and Based.