HyENA Shuts Down After Processing $4 Billion in Trading Volume
HyENA, a protocol that processed over $4 billion in cumulative trading volume and served more than 12,000 traders, will shut down its markets on August 31-September 2, 2026. The decision to cease operations comes after Hyperliquid's strategic deepening with the USDC stablecoin significantly reduced HyENA's growth margin and viability for USDe-collateralized products.
The platform utilized Hyperliquid's HIP-3 technical standard, which allowed traders to use Ethena's USDe synthetic dollar as collateral margin in perpetual contracts, generating passive yields on collateral while holding open derivatives positions. However, the mainnet's subsequent alignment toward USDC altered the conditions underpinning HyENA's business model, limiting demand for alternative collateral.
The shutdown will occur in a phased manner, with one contract delisted per hour over the three-day period. Traders do not need to close their orders manually prior to each delisting, as the final mark price for each contract will converge with the one-hour time-weighted average oracle price before final settlement.