10. HIP-3 Market: Ethena has strategically invested in Based, a leading third-party Hyperliquid frontend with the highest builder code fee trading volume. We have been working privately with this team for several months as they prepare to launch their HIP-3 frontend for Ethena products (USDe, hUSDe, and USDH – if this application is successfully approved). We see the largest fee-generating opportunities in the HIP-3 market as: a) rewarded collateral, b) modular prime brokerage enabling portfolio margining, c) perpetual swaps for equities. Ethena is uniquely positioned to support each of these offerings, even where other issuers cannot. As you may have noticed, there are already HIP-3 projects being publicly built on top of Ethena's suite of products. ⸻ 👉 One-Line Summary: Ethena is partnering with Based to build a Hyperliquid HIP-3 market frontend. Hyena was indeed built through Based Cloud. This is no longer speculation, but fact. mirror.xyz/0xF99d0E4E3435cc9C9...