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Ethena Labs has withdrawn its proposal to issue Hyperliquid’s USDH stablecoin following community pushback. The decision leaves Native Markets as the clear frontrunner in the governance vote. Prediction markets now heavily favor the Hyperliquid-native project despite lingering credibility questions.
- Ethena withdrew due to not being a Hyperliquid-native project after community and validator concerns
- Prediction markets now show Native Markets as overwhelming favorite despite credibility questions
- Ethena founder publicly endorsed Native Markets as embodying Hyperliquid's community values
📎 Related coverage from: cointelegraph.com