Decentralized finance (DeFi) protocols Ethena and Based released a Hyperliquid and HIP-3 frontend, HyENA, on Dec 9.
More than $50 million of total volume was traded on HyENA in its opening two days, making it the second-largest permissionless perpetual market on Hyperliquid, only trailing Hyperunit’s TradeXYZ.
The launch comes less than a month after Hyperliquid rolled out “growth mode,” which lowered HIP-3 fees by 90% to incentivize activity and development.
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