Ethena Expands Basis Trade to Equities, Closes HIP-3 Market
Ethena is expanding its USDe yield engine into equity perpetuals as it moves beyond crypto markets. This comes alongside the shutdown of HyENA, a USDe-backed exchange under Ethena's HIP-3 market structure, which will close by September 2 due to Hyperliquid’s growing alignment with USDC. The Ethena Foundation also announced significant changes to ENA tokenomics aimed at improving its economic model. These include buying out locked tokens from seed investors, transferring protocol IP and value toward the foundation, delaying investor unlocks until October 5, and proposing a fee switch that would trigger buybacks once USDe supply exceeds $7.5 billion. Momentum is building for Ethena’s ecosystem as USDe supply has risen above $4 billion in recent weeks while ENA token price surged over 100% month-over-month.
Topics: crypto ENA equities tokenomics USDe