According to Foresight News , the USDe-margined perpetual contract DEX HyENA, built on the Hyperliquid HIP-3 standard, has opened for testing. The project, primarily contributed by Based, allows users to trade using USDe as collateral and earn USDe rewards. The HyENA market is secured by Valantis and stHYPE, and features HLPe, a liquidity provider vault managed by Upshift.
HyENA initially operates on an invitation-only basis, listing only HYPE-USDE, BTC-USDE, ETH-USDE, and SOL-USDE trading pairs. It also launched a two-week fee refund migration event and a 12% APY margin reward for the first month. In addition, the project introduced a six-month points program, distributing 100 million points weekly, which can be converted into Ethena platform points after the event ends. The official statement indicates that no separate HyENA token will be issued.
