Hyena is expected to launch tomorrow, which might become the most important event of this week. As we’ve been saying for weeks, @hyenatrade is one of the HIP-3 deployers we are most excited about. Hyena introduces a new model on Hyperliquid: $USDe as a yield-bearing collateral integrated into every layer of the ecosystem, including trading, yield generation and incentives. The future of perp trading relies on collateral that rewards users or the ecosystem, not just the issuer. Hyena is the first real step that brings this model to Hyperliquid. Ethena and Hyperliquid have two of the most deeply aligned communities in the space, supported by teams that know how to ship, attract liquidity and drive adoption at scale. Excited to see what @ethena_labs x @BasedOneX x @HyperliquidX have been cooking for the past few months. More on this tomorrow on OAK Research.