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USDe collateral perpetual contract DEX HyENA is now open for testing, and it is clearly stated that there will be no separate token issuance.
Foresight News reports that HyENA, a USDe-margined perpetual contract DEX built on the Hyperliquid HIP-3 standard, is now open for testing. The project is primarily contributed by Based and allows users to trade using USDe as collateral while earning USDe yields. The HyENA market is secured by Valantis and stHYPE, and features a liquidity provider vault HLPe managed by Upshift. In its initial phase, HyENA operates on an invitation-only basis, launching with trading pairs such as HYPE-USDE, BTC-USDE, ETH-USDE, and SOL-USDE. It has also launched a two-week fee rebate migration campaign and offers a first-month 12% incentive.