Ethena, the workforce behind the USDe artificial greenback protocol, has withdrawn its bid to subject Hyperliquid’s USDH stablecoin, conceding to issues raised in direct discussions with neighborhood members and validators.
In a X assertion Thursday, the Ethena workforce acknowledged pushback over not being a Hyperliquid-native mission and mentioned it might step apart, congratulating rival Native Markets, now considered because the frontrunner within the race.
“Whereas some are complaining about their lack of credibility (Native Markets) I believe their success right here completely embodies every thing which is so particular about Hyperliquid and their neighborhood,” mentioned Ethena Labs founder Man Younger, including:
“It’s a degree taking part in discipline the place emergent gamers can win the hearts of the neighborhood and are given a good shot at succeeding.”
Ethena’s withdrawal marks a significant shift within the bidding course of, which has drawn proposals from a number of groups to subject USDH, Hyperliquid’s forthcoming native stablecoin.
With Ethena out, prediction markets on Polymarket are giving Native Markets a 92% probability of profitable, with Paxos in second place at roughly 7% at time of writing.
This can be a growing story, and additional info will probably be added because it turns into accessible.
