USDe collateral perpetual contract DEX HyENA is now open for testing, and it is clearly stated that there will be no separate token issuance.

Foresight News reports that HyENA, a USDe-margined perpetual contract DEX built on the Hyperliquid HIP-3 standard, has opened for testing. The project is primarily contributed by Based and allows users to trade using USDe as collateral while earning USDe yields. The HyENA market is secured by Valantis and stHYPE, and has launched an HLPe liquidity provider vault managed by Upshift. Initially, HyENA operates on an invite-only basis and currently supports trading pairs such as HYPE-USDE, BTC-USDE, ETH-USDE, and SOL-USDE. It has also launched a two-week fee rebate migration campaign and a first-month 12% APY margin reward campaign. Additionally, the project has introduced a six-month points program, distributing 100 million points weekly, which can be converted into Ethena platform points after the campaign ends. The official statement says there will be no separate HyENA token issued.