HyENA, a Hyperliquid HIP-3-based platform that used Ethena’s USDe as collateral, said it will wind down operations and settle all markets. The project said its USDe collateral model no longer had a reason to continue as Hyperliquid has become more closely aligned with USDC.
The team said trading markets will be delisted in hourly sequence from Aug. 31 to Sept. 2, with positions automatically settled using a one-hour oracle TWAP. HLPe deposits can be redeemed 1:1 with accrued yield and no fees. HyENA said Ethena Exchange Rewards ended in June 2026, HyENA Points do not represent any token or monetary value, and the project has no plan to issue a token.
HyENA to Shut Down, Delist Markets Hourly From Aug. 31 to Sept. 2
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