Young noted that conversations with validators raised three main points: Ethena is not a native Hyperliquid team, it operates several products outside USDH, and its broader ambitions go beyond one exchange partnership.
He said Ethena has chosen to step aside rather than contest the arguments presented by the community.
Young addressed critics who had questioned Native’s credibility, arguing that their success reflected Hyperliquid’s community-driven ethos.
According to him:
“No one gives a f#ck how big you are, your background, pedigree or financial resources. It is a level playing field where emergent players can win the hearts of the community and are given a fair shot at succeeding.”
Although Ethena’s USDH bid is off the table, Young stressed that the project’s broader plans on Hyperliquid remain unchanged.
He outlined plans to prioritize products such as synthetic dollars (hUSDe), USDe-powered savings and card products, and hedging flows designed for Hyperliquid markets.
Ethena also intends to explore HIP-3 markets, including reward-bearing collateral, modular prime broking, and perpetual equity swaps.
According to Young, these initiatives represent Ethena’s long-term strategy of doubling down on innovation.
He wrote:
“We will do what we have always done since day one: outcompete everyone else on product regardless.”
