In response to an X-post, analysts on-chain famous that immediately, March 18, 2025, the $ Usde-Ticker was purchased on hyperliquid on hyperliquid. Now the person speculates that the acquisition of Ticker means that Ethena will implement within the Hyperliquid L1 chain.
“Has Ethena actually purchased the ticker? The person requested earlier than he continued connecting factors primarily based on the chains cited that they’ve cited.
Ticker $ Usde was purchased 3 hours in the past on hyperliquid.
This implies that Ethena will wager on hyperliquid, however … Has Ethena actually purchased the ticker? Or did anybody else attempt to pyop folks?
Let’s test it onchain.
The ticker was bought by … pic.twitter.com/gygqxereo3
– Ericonomic (@ericonomic) March 18, 2025
The place the onchain certificates led
After Ericonomic (@ericonomic) found that the Ticker $ Usde was purchased on hyperliquid, he determined to look within the chain to see if he may uncover whether or not the transfer was achieved by Ethena or dangerous actors.
In response to evaluation on-chain that adopted the wallfolio addresses concerned, the ticker was bought by pockets handle 0x47581B206FFB2752C165B987141bad0DC22BD605. The pockets was financed by 0x643DBC80BB5432F646FA4091A9B205E87AE4, a pockets that seems to have been linked to an Ethena implementation, an exterior possession account (EOA) that’s used for the implementation of the implementation of the implementation of the implementation of the implementation of the implementation of the implementation of the implementation of the implementation of the implementation of the implementation of the implementation of the implementation of the implementation of the implementation of the implementation of the implementation of the implementation of the implementation of the implementation of the implementation of the implementation of SlimmeTeTenStertenigen.
The handle that the $ Usde -Ticker purchased was funded by an handle linked to Ethena implementation EOAS. Supply: Ericonomic
Additional tracing of the transactions confirmed that 0x643 was financed by 0x796ee28CE42BF7BD43A09ACD43FACD0AACD7C3B29, one other handle coupled to Ethena’s Improvement MultiGig, which has been awarded in Ethina -Curanca Fund.
One other pockets, 0xff0458a5f86471717B05D79BF456A8B70767A7EF5, which was funded by the Ethena-Implementation 0x643, has reportedly additionally despatched funds to hyperliquid to set a 4-8 multisstructure, L1-Blockchain has been despatched.
Apparently these developments are robust proof of the involvement of Ethena, because of which Ericonomic has closed its operate by declaring that Ethena is certainly planning to implement Hyperliquid.
Ericonomic ended his operate by writing that Ethena may wait till hyperliquid makes the hyperevm <> hypercore token bridge attainable earlier than he totally makes use of.
Within the commentary, many appeared to agree with Ericonomic. One person, @0xnutzs, remembered a proposal from final yr as proof of Etha’s curiosity in hyperliquid.
The administration proposal on the Ethena Discussion board was dated on October 17, 2024 and entitled “Hyperliquid Ethena -Liquidity and Usde integration.” It requested to combine Ethena hyperlowquid as a eligible location for a part of the hedging present, topic to technical and authorized due diligence.
It had been an official suggestion throughout the neighborhood of Ethena’s and the hypothesis precipitated amongst those that monitor Ethena’s administrative actions. The joy started to construct, however then time was given, folks realized one thing unusual; Ethena stopped speaking in regards to the topic after the proposal.
This in all probability fed much more hypothesis when folks questioned why they had been in it; Can there be technical, authorized or strategic points that trigger delays, or if the combination was fully deserted?
If the proposal was permitted, or if it was lastly permitted, the combination can be carried out in a managed method with a danger committee pointers, since Ethena scales of the facility division along with the expansion of hyperliquid, with most preliminary proposed allocations.
The proposal, which outlined synergies between hyperliquid and Ethena, additionally requested to do the Ethena Danger Committee his due diligence of the suitability of Hyperliquid as a possible hedging location. Since then it has been months in the past and the committee is quiet. That’s the reason many now wonder if the committee continues to be doing his applicable course of or whether or not Ethena is taking steps below the radar.
Hyperliquid is usually a appropriate location for Ethena’s Usde
Hyperliquid is a comparatively new L1 that has confirmed to be greater than only a mission that folks have left after receiving airdrops, corresponding to within the case of tasks corresponding to Starknet.
Hyperliquid is in third place in Defi in 24-hour revenue Behind tether and circle. Supply: Defillama
Hyperliquid is a low-1 blockchain that additionally features as a Dex that provides its customers advantages, corresponding to quick and low cost commerce. As a result of it burst into area, it has obtained numerous consideration and it has even seen one thing that appears like a cult round it.
The DEX now has greater than 200,000 customers and normally information each day volumes that change between $ 1-4 billion. It now has greater than $ 1 billion in open rates of interest (OI), that different perpetual dexs on-chain in potential dwarf. It’s even borderline much like the biggest cexs.
In October, Hyperliquid recurrently accounted for round 40% of everlasting volumes on the chain, in accordance with an Artemis report. Ethena undoubtedly realizes that hyperliquis, with its strong and nicely -performing commerce infrastructure, may considerably enhance its operational prospects, therefore the curiosity.
There may be additionally the truth that platforms share the identical disk to first fulfill their customers for one thing else whereas they continue to be scalable.
After his tokenterie occasion final November, Hyperliquid airdropt about 31% of his complete vary of 1 billion and achieved a market capitalization of $ 1.7 billion on the primary day, with a peak on a very diluted ranking of $ 5.1 billion (FDV).
Initially of 2025, the FDV reportedly rose to $ 34 billion, however in accordance with information from Coingecko it fell and there’s presently round $ 13.3 million. However, Hyperliquid is taken into account a high L1/ Perpetual Dex that might use Ethena to prolifate his $ Usde Stablecoin in Tem’s of quantity and adoption.