HyENA Shuts Down After Processing Over $4 Billion in Trades

HyENA, a platform that processed over $4 billion in trades for more than 12,000 users, is shutting down. The closure was announced on August 28 due to changes in Hyperliquid's stablecoin setup, which reduced the opportunity for USDe-backed margin products.

The shutdown will take place between August 31 and September 2, with one market removed per hour. Open positions will settle automatically, and margin will return to users' spot balances.

HyENA also handled over $4 billion in cumulative trading volume since its launch, generating nearly 2.5 million USDe in rewards for HLPe depositors. Users with HLPe deposits can claim their principal and accumulated rewards through Upshift at a 1:1 rate.