HyENA Shuts Down Markets After Processing Over $4 Billion in Trades

HyENA has announced that it will shut down its markets between August 31st and September 2nd, after processing over $4 billion in trades for more than 12,000 users. The platform's closure is due to changes in Hyperliquid's stablecoin setup, which have reduced the opportunity for USDe-backed margin products.

According to HyENA, user funds are safe during the shutdown process, and traders will not need to manually close their positions before each market is delisted. Instead, markets will be removed one by one over a period of three days, with the final mark price converging towards the one-hour weighted average of the oracle price before settlement.

HyENA has been using Hyperliquid's HIP-3 system to offer perpetual contracts with Ethena's USDe serving as margin. However, the platform's design relied heavily on the use of USDe-based margin products, which have become less viable following Hyperliquid's shift towards $USDC.