Ethena has just deployed its perpetual contract market hyenatrade on Hyperliquid, directly taking 50% of the fees
Hyperliquid's annual fees are approximately $1 billion. If HyENA can reach its scale of 20%, that would be $200 million. As the deployer, Ethena can take away $100 million
What does this mean? Ethena's total revenue over the past year is $430 million. This means that just this one collaboration could bring more than a 20% increase in revenue
More importantly, this marks the strategic line of USDe has expanded from purely 'Delta neutral' to 'Stablecoin-as-a-Service'. By providing underlying stablecoins and liquidity for other protocols, the application scenarios and market cap ceiling of USDe have been completely opened up
When the market is sluggish and yield strategies cannot support growth, this 'infrastructure' model will become the new engine
Of course, everything depends on the actual trading volume of HyENA
