The acquisition of the $USDe ticker on the Hyperliquid network has fueled rumors that Ethena is considering deploying on this blockchain platform.
Where the on-chain evidence led
An analyst known as Ericonomic on the X platform noted that the $USDe ticker was purchased on the Hyperliquid platform, leading to speculation that Ethena might initiate operations on this L1 network. According to his data, the wallet that made the purchase could be linked to Ethena's deployer, as evidenced by previous transactions and connections between addresses.
Why Hyperliquid is suitable for Ethena
Hyperliquid is a new L1 platform that has already attracted significant attention thanks to its fast and low-cost trading features. With over 200,000 users and large daily trading volumes, Hyperliquid's market success could be crucial for Ethena, as it could potentially enhance the $USDe volumes and its market adoption.
The future collaboration of Ethena and Hyperliquid
Speculations regarding Ethena's deployment on Hyperliquid intensified following a proposal last year to explore integration with Hyperliquid. Despite Ethena management's silence, many analysts see potential in this collaboration, particularly given Hyperliquid's growing popularity and its DeFi infrastructure.
The deployment of Ethena on Hyperliquid could be a significant move for both parties. This collaboration could substantially expand both $USDe's presence and Hyperliquid's capabilities in the crypto world.
