Hyena

Closed

Dropped

Shut down. The page stays up so old links still land somewhere.

HyperLiquid ecosystem builder (HIP-3) from the Based team, running on Ethena's USDe. The pitch was sharp: idle margin should earn instead of just sitting there, so traders collected rewards on their USDe collateral while they traded, and that yield went to them instead of the issuer. It worked at real scale - over $4B in cumulative volume, more than 12,000 traders, and close to 2.5M USDe paid out on margin. What ended it was not demand but the ground moving: Hyperliquid aligned with USDC, the open race between USDT, USDe and USDH was over, and USDe margin lost the edge the whole design stood on. On August 28, 2026 the team announced they were sunsetting HyENA and wound down every market. Same ending as DreamCash - on Hyperliquid you do not out-compete the house currency.