HyENA to wind down all markets, says it has no token issuance plan

News Editor

2026-08-28 15:14:14

HyENA said it will gradually shut down all of its markets and end operations, while stressing that it does not have a token and has no plan to issue one. Built by the Based team on Hyperliquid’s HIP-3 standard and backed by Ethena’s USDe, the project was designed to let traders earn yield on idle margin used for perpetual futures trading and return revenue that would otherwise go to issuers back to the community. Since launch, HyENA said it has processed more than $4 billion in volume, served over 12,000 traders, and generated nearly 2.5 million USDe in rewards on users’ USDe margin. The team said market conditions on Hyperliquid have changed as the platform has moved into closer strategic alignment with USDC, altering the competitive setup that once included USDT, USDe, and USDH. HyENA said that made continued expansion of USDe-backed margin on the platform less viable. The project added that user funds are not at risk. Markets will be delisted one by one from Aug. 31 to Sept. 2, with one market closing each hour, and positions will be settled automatically.

HyENA said on Aug. 28 that it will gradually close all of its markets and discontinue operations, according to an official announcement cited by BlockBeats.

HyENA was previously built by the Based team on Hyperliquid’s HIP-3 standard and supported by Ethena’s USDe. The project’s core model was to generate yield on idle margin used by traders in perpetual futures trading, while returning to the community income that would otherwise go to the issuer.

Since launch, HyENA said it has processed more than $4 billion in cumulative trading volume, served more than 12,000 traders, and generated nearly 2.5 million USDe in rewards on users’ USDe margin.

Explaining the shutdown, HyENA said that when it launched, alternative stablecoins and dollar-denominated assets on Hyperliquid were still in an open competition phase, with USDT, USDe, and USDH all competing for share. That setup has changed as Hyperliquid has moved into deeper strategic alignment with USDC.

HyENA said strengthening the USDC ecosystem is a more sensible direction for Hyperliquid and its community, but that shift also changed the room for USDe margin to grow on the platform. On that basis, the team decided to stop operating HyENA and close all of its markets.

The project said user funds are not at risk.

Delisting and settlement schedule

HyENA said its markets will be taken down in sequence between Aug. 31 and Sept. 2, with one market closing every hour.

After a market is delisted, its mark price will converge to a one-hour weighted average of the oracle price for settlement. Users do not need to take any action. Open positions will be settled automatically at the final mark price, and margin will be returned to spot balances.

HLPe withdrawals and rewards timeline

HLPe deposits and accrued rewards can be claimed and withdrawn through Upshift free of charge at a 1:1 ratio, subject to a one-day redemption period.

HyENA said Aug. 27 is the final rewards accrual date, while final alliance rewards will be distributed on Sept. 9.

It also said Ethena Exchange Rewards ended in June 2026. HyENA Points have been finalized and will not be subject to any snapshot, conversion, or distribution, and the points do not carry monetary value.

HyENA added that it does not have a token and has no issuance plan.

This article was originally published by Bit.Fan. For more cryptocurrency news and market insights, visit www.bit.fan.

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