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Defi

by Jamie Redman

2 days ago



THE BIG ROLE ETHENA’S USDE COULD PLAY IN HYPERLIQUID’S UPCOMING MAINNET




Ethena has proposed integrating its liquidity and hedging engine into
Hyperliquid, a layer one (L1) blockchain set to launch its EVM mainnet. The
proposal includes adding USDE, Ethena’s stablecoin, within the Hyperliquid
ecosystem upon mainnet launch.


ETHENA EYES HYPERLIQUID’S RAPID GROWTH FOR NEXT PHASE OF USDE EXPANSION

The proposal outlines a cautious approach to integrating Ethena’s liquidity and
hedging flows onto Hyperliquid. If approved, the Ethena Risk Committee will
conduct thorough due diligence to ensure Hyperliquid’s technical and legal
compatibility with Ethena’s operations. Ethena plans to implement the
integration incrementally, guided by its risk management committee, to ensure a
controlled expansion of hedging activities on Hyperliquid.

Ethena reports that Hyperliquid has consistently handled about 40% of the
onchain perpetual trading volume throughout October, based on onchain data.
Source: The Block.

Ethena says Hyperliquid has seen significant growth, boasting over 200,000 users
and daily trading volumes ranging between $1 billion to $4 billion. Ethena’s
proposal highlights Hyperliquid’s capacity to support large-scale onchain
hedging, emphasizing that the decentralized exchange regularly accounts for 40%
of the onchain perpetual trading market. Ethena’s risk team will assess
Hyperliquid’s open interest (OI) across several assets, including bitcoin (BTC),
ether (ETH), and solana (SOL), limiting exposure to 10% of Hyperliquid’s OI per
asset.



The integration also proposes listing USDE on Hyperliquid’s platform, following
a model used successfully with other exchanges. Ethena’s USDE stablecoin has
grown in popularity as a USD-denominated asset across multiple blockchains. By
moving some of its hedging activities and incorporating USDE into Hyperliquid’s
L1, Ethena seeks to enhance transparency and reduce counterparty risk in its
decentralized finance operations.

Let us know what you think about this subject in the comments section below.

TAGS IN THIS STORY

blockchain integration, decentralized finance, DeFi, ethena, Hyperliquid, usde





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