Now there's a new trading pair on Hyperliquid - a perpetual contract priced in USDe. This is the work of the Ethena project team, who set up their own perpetual contract market called Hyena Trade using the HIP3 mechanism in Hyperliquid. The key point is that half of the trading fees generated in this market go to the Ethena protocol. So Ethena can not only make money from the USDe stablecoin itself but also has an additional source of income. Recently, Ethena has shifted its focus to expanding more usable scenarios for USDe and building a more comprehensive ecosystem.
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