Ethena Bows Out of USDH Race, Leaving Native Markets with a Clear Path to Glory

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Ah, the grand spectacle of the synthetic dollar world! Here we find the curious case of Ethena, those valiant folk behind the illustrious USDe protocol, gracefully withdrawing from the USDH stablecoin race. A fine display of sportsmanship, wouldn’t you say? Conceding defeat with a smile, they tip their hat to Native Markets, who now seem destined to bask in the glory of victory. ✨

In a rather charming X statement on Thursday, the good people at Ethena admitted that they’d been met with a bit of grumbling from the community. Some naysayers had raised concerns about the whole ‘not being a Hyperliquid-native’ thing. Quite the sticky wicket, I dare say! But in a show of magnanimity, Ethena decided to step aside and let the chaps at Native Markets have their turn at the front of the queue. Ah, competition-what a noble thing!

Guy Young, the founder of Ethena Labs, in an act of what I can only describe as utmost diplomacy, said, “While some are complaining about their lack of credibility (Native Markets), I think their success here perfectly embodies everything which is so special about Hyperliquid and their community.” He paused for dramatic effect, then added:

“It is a level playing field where emergent players can win the hearts of the community and are given a fair shot at succeeding.”

Well, Guy, I couldn’t agree more! How positively charming! And so, in a twist of fate more dramatic than a plot in a Dumas novel, Ethena’s withdrawal has shifted the balance of power in the bidding process. Oh, what a tangled web we weave in the world of synthetic assets! 🕸️

Now, with Ethena no longer in the running, prediction markets on Polymarket have given Native Markets a whopping 92% chance of winning, with Paxos trailing in second place at a rather humble 7%. A clear case of David and Goliath, I must say. Who knew stablecoins could be this riveting?

Ethena and Native Markets in the race

This, dear readers, is but the beginning of a tale still in the making. Stay tuned for more updates, as this drama continues to unfold. 🚀

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2025-09-11 20:01