Recently, the native stable asset USDe launched by Ethena Labs has officially integrated into the Hyperliquid exchange (HyperCore) and HyperEVM, becoming the first scalable and reward-mechanism-enabled dollar stablecoin in the ecosystem. This integration marks significant progress for Ethena in cross-chain DeFi infrastructure development while bringing new underlying capabilities for stable assets to Hyperliquid.



HyperCore users will automatically receive airdrop rewards daily based on their average 24-hour USDe holdings, with the incentives provided and distributed by @merkl_xyz, requiring a minimum holding of 100 USDe. The related reward mechanism does not require additional user actions, ensuring ease and continuity in the usage process.

Users can obtain USDe through various means, including:

● Directly purchasing on the HyperCore native order book;
● Using the 'EVM Core Transfer' feature on the Hyperliquid Portfolio page to transfer from HyperEVM;
● Bridging from other EVM networks to HyperEVM via the cross-chain bridge @StargateFinance, and then transferring to HyperCore (supported by @LayerZero_Core).

Currently, the main liquidity of USDe is concentrated in HyperCore, with asset interoperability between HyperCore and HyperEVM. With support from multiple protocols, USDe is accelerating its integration into the Hyperliquid ecosystem.

At the application level, users can use USDe as collateral on platforms like @felixprotocol, @eulerfinance, @hyperdrivedefi, and @0xHyperBeat for lending; USDe and its yield-bearing asset sUSDe can also be traded in pairs with feUSD on @CurveFinance to earn Felix points, 30x Ethena rewards, and annualized returns on sUSDe. Additionally, sUSDe will serve as compliant collateral in the Felix Vanilla market.

In the future, USDe will continue to expand its application scenarios within the Hyperliquid ecosystem, including but not limited to:

● Any chain bridge directly to HyperCore;
● Fixed-income product integration (@pendle_fi);
● Gamified yield entry (@pvp_dot_trade);
● Efficient AMM mechanism access (@ValantisLabs).

As the Hyperliquid ecosystem continues to improve, USDe is expected to become one of its core financial infrastructures, bringing sustained momentum for the efficient use of stablecoins and capital efficiency enhancement.