Ethena Everywhere: MegaETH and Hyperliquid HIP-3 Edition

USDe by @ethena_labs positioning itself as the stablecoin infrastructure layer for all DeFi ecosystems.

Whether through:
+ Becoming the engine for native stablecoins
+ Powering USDe collateral on Hyperliquid HIP-3 perps

Let's break it down: 👇

1️⃣ Stablecoin-as-a-Service (SaaS) with @megaeth’s USDm

MegaETH launched a pre-deposit campaign where users receive USDm, a native stablecoin issued on MegaETH.

What many do not realize is that USDm is powered by Ethena engine (Ethena Whitelabel).

All native stablecoins built through Ethena infrastructure are backed by USDTb/USDe.

This creates the only model where project revenue scales with adoption and users avoid additional execution fees such as gas.

2️⃣ USDe on @HyperliquidX HIP-3 perps

Hyperliquid HIP-3 allows builders to use Hyperliquid engine to create permissionless custom markets by staking 500k HYPE.

These custom markets can include yield perps, US stocks, NFT indices and more.

This pushes builders to integrate both Ethena and Hyperliquid:

• @nunchi: Perpetuals on yield markets (RWA rates, dividends, ETH staking yield etc)
• @hyenatrade: Limited details yet, but perp should adopt USDe as a quote asset + backed by Ethena
• @BasedOneX: All-in-one trading terminal powered by Hyperliquid + backed by Ethena

Also, ENA spot is now live on @HyperliquidX through Unit, making ENA accessible to Hyperliquid users natively.

This is the mechanism how Ethena accrues value across new verticals.

Ethena Everywhere.