Ethena, the crew behind the USDe artificial greenback protocol, has withdrawn its bid to subject Hyperliquid’s USDH stablecoin, conceding to issues raised in direct discussions with group members and validators.
In a X assertion Thursday, the Ethena crew acknowledged pushback over not being a Hyperliquid-native challenge and said it might step apart, congratulating rival Native Markets, now seen because the frontrunner within the race.
“Whereas some are complaining about their lack of credibility (Native Markets) I believe their success right here completely embodies all the things which is so particular about Hyperliquid and their group,” said Ethena Labs founder Man Younger, including:
“It’s a stage taking part in subject the place emergent gamers can win the hearts of the group 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 subject USDH, Hyperliquid’s forthcoming native stablecoin.
With Ethena out, prediction markets on Polymarket are giving Native Markets a 92% likelihood of profitable, with Paxos in second place at roughly 7% at time of writing.
This can be a growing story, and additional data might be added because it turns into accessible.
