HyENA has announced that it will gradually withdraw from all markets and has no plans to issue new tokens.

BlockBeats News, August 28. According to official sources, HyENA has announced the gradual closure of all markets. HyENA, previously based on the Hyperliquid's HIP-3 standard, built by the Based team and supported by Ethena's USDe, aimed to allow traders to earn yield on idle collateral used for perpetual contract trading, returning the revenue originally obtained by the issuer to the community. Since its launch, HyENA has processed a total trading volume of over $40 billion, serving more than 12,000 traders and generating nearly 2.5 million USDe rewards for users' USDe collateral.

HyENA stated that alternative stablecoins and USD assets on Hyperliquid at its launch were still in an open competition stage, with USDT, USDe, and USDH competing for market share. With further strategic coordination between Hyperliquid and USDC, this competitive landscape has changed. HyENA believes that strengthening the USDC ecosystem is a more reasonable direction for Hyperliquid and its community. However, this has also changed the development space for USDe collateral on the platform. Therefore, the team has decided to cease the operation of HyENA and close all its markets. User funds are not at risk.

In terms of specific arrangements, HyENA's markets will be delisted one by one from August 31 to September 2, with one market closed per hour. After delisting, the market's price will converge to an hourly weighted average of the oracle price and settle, and users do not need to take any action. Positions will automatically settle based on the final market price, and collateral will be returned to the spot balance. In addition, HLPe deposits and accrued rewards can be freely claimed and withdrawn at a 1:1 ratio via Upshift but will require a one-day redemption period. The final reward distribution date is August 27, and the final alliance rewards will be issued on September 9. Ethena Exchange Rewards ended in June 2026, and HyENA Points have been finalized, with no snapshots, conversions, or distributions planned. The points do not have monetary value; HyENA has no token and no issuance plan.