Ethena, the staff behind the USDe artificial greenback protocol, has withdrawn its bid to problem Hyperliquid’s USDH stablecoin, conceding to considerations raised in direct discussions with neighborhood members and validators.
In a X assertion Thursday, the Ethena staff acknowledged pushback over not being a Hyperliquid-native venture and said it will step apart, congratulating rival Native Markets, now considered because the frontrunner within the race.
“While some are complaining about their lack of credibility (Native Markets) I feel their success right here completely embodies every little thing which is so particular about Hyperliquid and their neighborhood,” mentioned Ethena Labs founder Guy Young, including:
“It is a degree enjoying area the place emergent gamers can win the hearts of the neighborhood and are given a good shot at succeeding.”
Ethena’s withdrawal marks a significant shift within the bidding course of, which has drawn proposals from a number of groups to problem USDH, Hyperliquid’s forthcoming native stablecoin.
With Ethena out, prediction markets on Polymarket are giving Native Markets a 92% probability of profitable, with Paxos in second place at roughly 7% at time of writing.
This is a creating story, and additional info will likely be added because it turns into obtainable.
