HyENA Announces Shutdown, All Markets to Be Delisted Sequentially from August 31 to September 2

On August 28, HyENA announced it would cease operations and close all markets, with user funds unaffected.

Officials stated that HyENA was built on Hyperliquid's HIP-3 standard and Ethena's USDe, enabling traders to earn yields while trading perpetual contracts using USDe as margin. It processed cumulative trading volume exceeding $4 billion, served over 12,000 traders, and distributed nearly 2.5 million USDe in rewards to margin users.

Officials noted that as Hyperliquid further aligns with USDC, the growth prospects for USDe margin on the platform have shifted, leading to the decision to terminate HyENA. Markets will be delisted sequentially at a rate of one market per hour from August 31 to September 2, with positions automatically settled at final mark prices and margin returned to spot balances.

HLPe deposits can be claimed at a 1:1 ratio along with accumulated rewards and withdrawn via Upshift. The final reward distribution date is August 27, and the final affiliate rebate payment date is September 9. Additionally, the Ethena exchange rewards program concluded in June 2026, and HyENA points are in their final state—no snapshot, conversion, or distribution will occur, and they hold no monetary value. Officials emphasized that HyENA has no token and no issuance plans.

[TechFlow]