Crypto
$4 Billion Trading Platform HyENA to Shut Down Amid Changes to Stablecoin Setup
HyENA, a platform that allowed users to trade perpetual contracts, is shutting down after processing over $4 billion in trades for more than 12,000 users.
The closure comes after Hyperliquid's stablecoin setup changed, reducing the opportunity for USDe-backed margin products. HyENA will remove one market per hour from August 31st through September 2nd, allowing open positions to settle automatically and margin to return to users' spot balances.
Users with HLPe deposits can redeem their holdings and earned rewards through Upshift at a 1:1 rate. The platform generated nearly 2.5 million USDe in rewards but will not issue a token.