HyENA to Shut Down All Markets as USDe Margin Support Ends

HyENA said it will stop operations and close all markets, while user funds will not be affected. According to ChainCatcher, the platform was built on Hyperliquid HIP-3 and Ethena's USDe, allowing traders to earn yield while using USDe as margin for perpetual contracts. HyENA said it has processed more than $400 million in trading volume, served over 12,000 traders, and distributed nearly 2.5 million USDe in rewards to margin users. The company said the decision to end HyENA followed Hyperliquid's further alignment with USDC, which changed the development outlook for USDe margin on the platform. Markets will be delisted from August 31 to September 2 at a rate of one market per hour. Positions will be automatically settled at the final mark price, and margin will be returned to spot balances. HLPe deposits can be claimed 1:1 with accumulated rewards and withdrawn through Upshift. The final reward distribution date is August 27, and the final affiliate rebate payment date is September 9. Ethena's exchange rewards program ended in June 2026. HyENA points are in a final state and will not undergo snapshots, conversion, or distribution, and they have no monetary value. HyENA also said it has no token and has no issuance plan.