In a strategic shift, Ethena has officially withdrawn from the Hyperliquid USDH race, effectively clearing the competitive landscape for Native Markets. The decision comes as prediction markets now overwhelmingly indicate Native Markets as the projected winner, with significant support accumulating ahead of the final governance vote. This development marks a pivotal moment in the ongoing evolution of decentralized finance (DeFi) and stablecoin integrations within the ecosystem.
Despite the strong market sentiment favoring Native Markets, lingering questions regarding its long-term credibility and operational framework persist among community members and analysts. The upcoming vote is being closely watched, as its outcome could significantly influence Hyperliquid’s strategic direction and the broader adoption of its native stablecoin, USDH. Stakeholders are emphasizing the need for transparency and robust mechanisms to ensure stability and trust in the selected provider.
This withdrawal by Ethena underscores the dynamic and competitive nature of DeFi partnerships, where strategic realignments can rapidly alter market trajectories. The community awaits further details on Native Markets’ proposals and governance assurances as the voting process advances.
