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💬 Ethena announces withdrawal from Hyperliquid USDH stablecoin issuance bid
On September 11, Guy Young, founder of Ethena Labs @ethena_labs, stated that after communicating with validators and delegators, Ethena decided to withdraw from the #USDH stablecoin issuance competition due to community concerns about its non-native team identity and fit with the Hyperliquid @HyperliquidX ecosystem. The main concerns from the community included: Ethena's lack of local connections with exchanges, product goals extending beyond USDH itself, and growth strategies not fully aligning with the ecosystem. Young also congratulated Native Markets for winning support and noted that Hyperliquid's governance process demonstrated that community-driven projects have the opportunity to succeed regardless of funding or background.
Sep 11, 21:52
The last few days have been incredible to witness. I've never seen a community rally around and engage with passion like this before.
Following direct discussions with individuals in the community and validators we have taken onboard some of the concerns, namely:
-Ethena is not a Hyperliquid native team
-We have other product lines outside of USDH
-Our ambitions extend beyond working with just one partner exchange
These are valid and we accept the pushback.
It appears the decision is a near certainty now and we will respectfully be withdrawing our proposal to allow validators to signal their support elsewhere if they want to.
Congratulations to the Native Markets team. You deserve this.
While some are complaining about their lack of credibility I think their success here perfectly embodies everything which is so special about Hyperliquid and their community.
No one gives a fuck how big you are, your background, pedigree or financial resources. It is a level playing field where emergent players can win the hearts of the community and are given a fair shot at succeeding.
To everyone within and outside the community who supported our proposal: thank you. It's a privilege and honour to build alongside you.
Also worth calling out the other proposals which were a testament to the quality of teams now in this space and it is great to see us all elevate each other to a higher level.
So what happens with Ethena on Hyperliquid going forward?
Well we are simply going to do everything we said we would.
If it wasn't obvious from our post, clipping 5% on tbill yields into a declining interest rate environment isn't exciting to us at all. In fact it was the least interesting part of our plans.
Developing new products with native teams including:
-hUSDe native synthetic dollars,
-USDe enabled savings and card spending products,
-enabling hedging flows on Hyperliquid,
-and the wide design space of HIP-3 markets uniquely enabled by Ethena: a) reward-bearing trading collateral,
b) modular prime broking,
c) perpetual swaps on equities
...is what actually excited us.
And we will be putting our full force behind making that a success despite the outcome here.
In short, we will do what we have always done since day one: outcompete everyone else on product regardless.
2.75K
📰Matrixport: Bitcoin's summer consolidation may be nearing its end, and a new round of market activity is expected to begin.
Matrixport @Matrixport_CN's latest weekly report indicates that Bitcoin has experienced its longest consolidation period in recent years this summer, with the market's sensitivity to price fluctuations significantly decreasing. Meanwhile, the flow of funds and the structure of holdings are changing: traditional wallets continue to sell off, while large holders are quietly re-entering the market as exchange balances decline. In the options market, demand for downside protection is strong, and overall sentiment leans towards panic. With multiple factors such as the Federal Reserve meeting, inflation data, and fiscal risks influencing the market, volatility may rise again, and the key will be whether mainstream positions can align with Bitcoin's next trend.
6.47K
💰Aave protocol's revenue for 2025 has reached $86.27 million, nearing last year's total.
Aave @aave founder Stani Kulechov @StaniKulechov stated that the $Aave protocol's revenue has been steadily increasing in recent years: $5.22 million in 2022, $22.54 million in 2023, and $90.42 million in 2024. So far in 2025, it has achieved a revenue of $86.27 million, soon to surpass last year's total.
Sep 11, 18:35
Aave Protocol revenue:
2022 $5,224,376
2023 $22,544,286
2024 $90,416,869
2025 so far $86,277,809 (flipping 2024 soon)
Fundamentals by $AAVE.
2.48K
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