Hyena is launching tomorrow, make sure to keep a close eye on it. A perpetual contract platform co-created by Ethena and @BasedOneX Built on Hyperliquid, fully denominated in USDe 1/ How will Hyena disrupt the current landscape? The core pain point of the current stablecoin distribution model is the heavy 'channel tax.' In 2024, Circle's annual revenue is $1.7 billion, but it has to pay $900 million to distribution partner Coinbase. More than half of the revenue is taken by channel partners. Ethena chooses to bypass traditional CEX channels and directly build a native USDe ecosystem on Hyperliquid. 2/ What’s the core innovation of Hyena? A perpetual contract market fully denominated in USDe, bringing triple-layered returns: ▌ While trading, USDe collateral automatically generates 5.3% annualized yield ▌ Regular funding rate income ▌ Gains and losses from the position itself This means that even if your contract trade breaks even, just holding USDe as collateral can earn you stable returns. In terms of revenue distribution: Ethena, as the deployer, gets 50% of the trading fees, while the other half flows to Hyperliquid. No middlemen taking a cut. 3/ The deeper strategic significance Hyena is a key piece in Ethena’s plan to build a stablecoin empire. If Hyena succeeds, it will have a profound impact on the distribution model of the entire stablecoin industry. The biggest beneficiaries will be Hyperliquid and Ethena. The second biggest beneficiary will be Based. Friendly reminder: Based hasn’t had its TGE yet, and its points campaign is ongoing: https://app.based.one/r/CHAOS1902