"Hyperliquid (HYPE) and Ethena (ENA) Launch USDe to Expand Reward-Based Dollar Asset Ecosystem"

# Hyperliquid Unveils Reward-Based Dollar Asset USDe on HyperEVM and Proprietary Exchange Hyperliquid has introduced a reward-based dollar asset, USDe, on its proprietary HyperCore Exchange and HyperEVM, in collaboration with Ethena (ENA). Users of HyperCore can now receive daily rewards distributed as airdrops. The launch of USDe is a key component of the 2025 "HYENA" project, a joint initiative between Hyperliquid and Ethena. This project aims to provide scalable reward-based assets, improve capital efficiency within the exchange, and expand the on-chain ecosystem. USDe enhances interoperability between HyperCore and HyperEVM, with initial liquidity focused on HyperCore at launch. # Daily Rewards with USDe: Eligibility and Distribution Model USDe rewards are calculated based on daily average token holdings using Hyperliquid’s Liquidity Protocol Merkle. To be eligible, users must hold at least 100 USDe. The token can be purchased directly via HyperCore’s order book or transferred and deposited through HyperEVM. To transfer USDe from HyperEVM to HyperCore, users can utilize the “EVM <> Core Transfer” feature on Hyperliquid's portfolio page. Additionally, USDe can be bridged back to HyperEVM through innovative solutions by Stargate Finance (@StargateFinance) and LayerZero Labs (@LayerZero_Core). # Plans for Ecosystem Expansion: Enhanced Utility on HyperEVM Hyperliquid aims to expand the ecosystem for USDe within HyperEVM. The introduction of HyperUnit (@hyperunit) will benefit asset holders of Bitcoin (BTC), Ethereum (ETH), and Solana (SOL), offering improved capital efficiency. Holders can secure USDe loans using these assets as collateral through platforms like Euler Finance (@eulerfinance), Felix Protocol (@felixprotocol), HyperDrive (@hyperdrivedefi), and HyperBeat (@0xHyperBeat). On Felix Protocol, users can provide liquidity using USDe or its synthetic equivalent, sUSDe, paired with feUSD on Curve Finance (@CurveFinance). This arrangement offers benefits such as earning Felix points, a 30x Ethena (ENA) reward multiplier, and competitive annual percentage yields (APYs) on sUSDe. Additionally, sUSDe will be usable as collateral in Felix’s vanilla markets. # Future Initiatives for USDe Ecosystem Expansion Hyperliquid and its partners plan to further extend the reach and utility of the Ethena USDe ecosystem. Upcoming initiatives include: - **LayerZero-based Direct Bridges:** Allowing cross-chain transfers directly to HyperCore. - **Pendle Protocol Integration:** Introducing fixed-income options through Pendle Finance (@pendle_fi). - **PVP /earn Feature:** Adding new earning capabilities on the PVP (@pvp_dot_trade) platform. - **ValantisLabs AMM Synergy:** Improving efficiency through integrations with ValantisLabs (@ValantisLabs). “USDe is a transformative, reward-based, scalable dollar asset. Its launch marks a significant step in expanding the Hyperliquid ecosystem from initial liquidity to diverse use cases,” stated Hyperliquid representatives. This development positions USDe as a key asset in shaping the future of on-chain liquidity and reward mechanics, fostering a robust and interconnected DeFi ecosystem.