USDe margin perpetual contracts on DEX HyENA are now open for testing; it is explicitly stated that no separate tokens will be issued.
TL;DR
HyENA, a USDe-margined perpetual contract DEX on Hyperliquid, has launched testing with invitation-only access and specific trading pairs. It offers fee refunds, margin rewards, and a points program, with no separate token issuance.
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According to Foresight News , the USDe-margined perpetual contract DEX HyENA, built on the Hyperliquid HIP-3 standard, has opened for testing. The project, primarily contributed by Based, allows users to trade using USDe as collateral and earn USDe rewards. The HyENA market is secured by Valantis and stHYPE, and features HLPe, a liquidity provider vault managed by Upshift.
HyENA initially operates on an invitation-only basis, listing only HYPE-USDE, BTC-USDE, ETH-USDE, and SOL-USDE trading pairs. It also launched a two-week fee refund migration event and a 12% APY margin reward for the first month. In addition, the project introduced a six-month points program, distributing 100 million points weekly, which can be converted into Ethena platform points after the event ends. The official statement indicates that no separate HyENA token will be issued.