Ethena, the crew behind the USDe artificial greenback protocol, has withdrawn its bid to subject Hyperliquid’s USDH stablecoin, conceding to issues raised in direct discussions with neighborhood members and validators.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 crew acknowledged pushback over not being a Hyperliquid-native venture and stated it will 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 all the things which is so particular about Hyperliquid and their neighborhood,” stated Ethena Labs founder Man Younger, including:
“It’s a stage taking part in subject the place emergent gamers can win the hearts of the neighborhood and are given a good shot at succeeding.”
Ethena’s withdrawal marks a serious 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% likelihood of profitable, with Paxos in second place at roughly 7% at time of writing.
It is a growing story, and additional data shall be added because it turns into out there.
