Crypto 小钢炮(@Cool725)'s insights

Hyena is online and needs to be closely monitored. A

Crypto 小钢炮 · 2025-12-09T17:33:01.000Z

Hyena is online and needs to be closely monitored. A perpetual contract platform jointly created by Ethena and @BasedOneX Built on Hyperliquid and fully priced in USDe 1/ How does Hyena disrupt the current landscape? The core pain point of the current stablecoin distribution model is the excessive "channel tax." In 2024, Circle's annual revenue is $1.7 billion, yet it has to pay $900 million to distribution partner Coinbase. More than half of the revenue is taken by the channel parties. Ethena chooses to bypass traditional CEX channels and directly build a native USDe ecosystem on Hyperliquid. 2/ Where is the core innovation of Hyena? A perpetual contract market fully priced in USDe brings three layers of combined benefits: ▌ When trading, USDe collateral automatically generates a 5.3% annual yield ▌ Normal funding rate income ▌ Profit and loss of the position itself This means that even if your contract trading is flat, just holding USDe as collateral can yield stable income. In terms of revenue distribution. Ethena, as the deployer, receives 50% of the trading fees, with the other half going to Hyperliquid. No middlemen to profit from the difference. 3/ Deeper strategic significance Hyena is a key piece in Ethena's construction of a stablecoin empire. If Hyena is successful, it will have a profound impact on the distribution model of the entire stablecoin industry. The biggest beneficiaries are Hyperliquid and Ethena. The second biggest beneficiary is Based. Friendly reminder, Based has not yet TGE, and its points activity is ongoing.