Ethena launches proposal to integrate Hyperliquid Ethena liquidity with USDe

On October 17, the Ethena Foundation launched a proposal to integrate Hyperliquid Ethena liquidity with USDe. The proposal states that Hyperliquid L1 is subject to technical and legal due diligence as part of the eligible venues for its hedged streams. If approved, the integration will be implemented in a gradual and controlled manner under the guidance of the Risk Committee. Hyperliquid has more than 200,000 users and typically trades between $1 billion and $4 billion in daily volume, with open positions of more than $1 billion. As of October, Hyperliquid accounted for 40% of on-chain perpetual contract volume.