HyENA winds down all Hyperliquid markets after $4B+ volume, ending USDe margin trading as Hyperliquid deepens USDC alignment

HyENA is winding down all its markets, with the delisting process running sequentially from 31 August to 2 September, one market per hour; positions settle automatically and no user funds are at risk. The platform processed over $4 billion in cumulative volume, served more than 12,000 traders, and paid nearly 2.5 million USDe in margin rewards. The authors attribute the shutdown to Hyperliquid's deeper USDC alignment, which they say changes what USDe margin can achieve. HLPe deposits remain withdrawable 1:1, final rewards issue 27 August, and HyENA Points carry no value; no token exists or is planned.

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