Ethena, the group behind the USDe artificial greenback protocol, has withdrawn its bid to problem Hyperliquid’s USDH stablecoin, conceding to considerations raised in direct discussions with neighborhood members and validators.
In a X assertion Thursday, the Ethena group acknowledged pushback over not being a Hyperliquid-native undertaking and mentioned it might step apart, congratulating rival Native Markets, now seen because the frontrunner within the race.
“Whereas some are complaining about their lack of credibility (Native Markets) I feel their success right here completely embodies every little thing which is so particular about Hyperliquid and their neighborhood,” mentioned Ethena Labs founder Man Younger, including:
“It’s a stage 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 problem USDH, Hyperliquid’s forthcoming native stablecoin.
With Ethena out, prediction markets on Polymarket are giving Native Markets a 92% likelihood of successful, with Paxos in second place at roughly 7% at time of writing.
This can be a growing story, and additional info can be added because it turns into obtainable.
