Ethena Bails on USDH Drama: “We Got Bigger Fish to Fry!” 🐟💸

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Well, slap my blockchain and call me decentralized! Ethena Labs has done a 180 faster than a crypto price chart during a tweet storm. 🚀 They’ve yanked their bid to launch the USDH stablecoin like it was a bad NFT investment. Why? Oh, just a little thing called “community backlash” and “concerns about their wider goals.” 🍿 Who knew the crypto crowd could be so… vocal? This move comes just days before the big vote, leaving validators scrambling like ants at a picnic. 🦞

In a post that’s more dramatic than a soap opera cliffhanger, founder Guy Young (aka Crypto Guy) spilled the tea on X. He acknowledged the community’s criticism and tipped his hat to Native Markets for snagging validator support. 🎩 “Ethena is not a Hyperliquid native team,” he said, “we’ve got other fish to fry, and our ambitions are bigger than just one partner exchange.” 🍳🐟 He also admitted the concerns were valid, which is more than we can say for some crypto projects. 🙄

The last few days have been wilder than a Mel Brooks movie marathon! 🎬 I’ve never seen a community rally with such passion-unless it’s over the last slice of pizza. 🍕 Following some heart-to-hearts with validators and community members, we’ve decided to pivot. Because, let’s face it, who doesn’t love a good pivot? 🔄

– G | Ethena (@gdog97_) September 11, 2025

Product Innovation: The New Shiny Object ✨

Despite the drama, Ethena is doubling down on product development like a kid in a candy store. 🍭 Guy Young promises new offerings that sound like they were ripped from a sci-fi novel: hUSDe synthetic dollars, USDe-powered savings tools, and HIP-3 market designs that are so cutting-edge they might slice your crypto wallet. ⚔️ These include reward-bearing trading collateral (because who doesn’t love rewards?), modular prime broking (fancy!), and perpetual swaps on equities (for the fancy folks). 🧐 Young gushed that their real excitement lies in “expanding crypto’s utility,” which is just a fancy way of saying, “We’re here to shake things up.” 🌪️

Meanwhile, Arthur Hayes, the co-founder of Maelstrom’s crypto investment fund, is throwing money at Ethena like it’s going out of style. 💸 According to Arkham data, Hayes dropped nearly $1 million on ENA tokens in 48 hours. That’s right-$473,000 on September 11 and another $521,000 earlier. His buying spree is timed perfectly ahead of Sunday’s critical vote on the USDH proposal. Talk about confidence! Or maybe he just really likes the color of their logo. 🎨

As of this writing, Ethena is trading at $0.767120, down 2.86% in the last 24 hours. But hey, the trading volume is still robust at $704.54 million, so it’s not all doom and gloom. 📉💪 Ethena’s withdrawal has reshaped Hyperliquid’s stablecoin landscape, while Arthur Hayes’ bold purchases prove he’s still all-in on Ethena’s long-term vision. Or maybe he just lost a bet. 🤷‍♂️

Bottom line: Ethena’s pivot is like a crypto version of “The Producers”-chaotic, unexpected, and somehow still entertaining. 🎭🤑

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2025-09-11 22:59