Ethena exits Hyperliquid USDH race, clearing path for Native Markets
Prediction markets now overwhelmingly favor Native Markets, but questions about credibility linger as the vote approaches.
Ethena, the team behind the USDe synthetic dollar protocol, withdrew its bid to issue Hyperliquid’s USDH stablecoin, conceding to concerns raised in direct discussions with community members and validators.
In a X statement Thursday, the Ethena team acknowledged pushback over not being a Hyperliquid-native project and said it would step aside, congratulating rival Native Markets, now viewed as the frontrunner in the race.
“While some are complaining about their [Native Markets] lack of credibility I think their success here perfectly embodies everything which is so special about Hyperliquid and their community,” wrote Ethena Labs founder Guy Young, adding:
