Hyena will launch tomorrow and needs to be closely monitored.

A perpetual contract platform created by Ethena and @BasedOneX

Built on Hyperliquid, fully priced in USDe

1/ How does Hyena disrupt the existing landscape?

The core pain point of the current stablecoin distribution model is the heavy "channel tax."

In 2024, Circle's annual revenue is $1.7 billion, yet it has to pay $900 million to distribution partner Coinbase.

More than half of the revenue is taken by the channel parties.

Ethena chooses to bypass traditional CEX channels and directly build a native USDe ecosystem on Hyperliquid.

2/ Where is Hyena's core innovation?

A perpetual contract market fully priced in USDe brings three layers of combined benefits:

▌ When trading, USDe collateral automatically generates a 5.3% annualized return

▌ Normal funding rate income

▌ Profit and loss from the position itself

This means that even if your contract trading is flat, simply holding USDe as collateral can yield stable returns.

In terms of income distribution.

Ethena, as the deploying party, receives 50% of the trading fees, while the other half goes to Hyperliquid.

No middlemen profit from the difference.

3/ Deeper strategic significance

Hyena is a key piece in Ethena's construction of a stablecoin empire.

If Hyena succeeds, it will have a profound impact on the distribution model of the entire stablecoin industry.

The biggest beneficiaries are Hyperliquid and Ethena.

The second largest beneficiary is Based.

Friendly reminder, Based has not yet had its TGE, and its points activity is ongoing: https://app.based.one/r/CHAOS1902

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