HyENA, a perpetual contract trading platform built on Hyperliquid’s HIP-3 standards and supported by Ethena’s $USDe as margin, has suddenly announced a shutdown.
The team said that as the Hyperliquid ecosystem becomes more deeply integrated with USDC, the role that USDe margin can play on the platform has changed—so they ultimately decided to shut down the project. Users can be reassured, however, that this shutdown will not affect the safety of users’ funds.
According to the official schedule, all trading markets will be taken offline one by one from August 31 to September 2 on an hourly cadence. User positions will be automatically settled at the marked price at the time of each shutdown, and users do not need to take any manual action.
In addition, HLPe deposits can be withdrawn at any time on a 1:1 basis via Upshift, though a one-day redemption period is required. Regarding the HyENA Points that previously attracted users to participate, the official statement is clear: there will be no snapshots, no token conversion, and no plan to issue a token.
In the DeFi space, iteration moves fast. Even innovative experiments backed by star projects may be discontinued due to changes in the ecosystem. When joining new projects, everyone should be extra mindful of risks.
#DeFi #Hyperliquid
The team said that as the Hyperliquid ecosystem becomes more deeply integrated with USDC, the role that USDe margin can play on the platform has changed—so they ultimately decided to shut down the project. Users can be reassured, however, that this shutdown will not affect the safety of users’ funds.
According to the official schedule, all trading markets will be taken offline one by one from August 31 to September 2 on an hourly cadence. User positions will be automatically settled at the marked price at the time of each shutdown, and users do not need to take any manual action.
In addition, HLPe deposits can be withdrawn at any time on a 1:1 basis via Upshift, though a one-day redemption period is required. Regarding the HyENA Points that previously attracted users to participate, the official statement is clear: there will be no snapshots, no token conversion, and no plan to issue a token.
In the DeFi space, iteration moves fast. Even innovative experiments backed by star projects may be discontinued due to changes in the ecosystem. When joining new projects, everyone should be extra mindful of risks.
#DeFi #Hyperliquid