'Hashed-backed' Based One begins operating derivatives trading platform 'HyENA'

Based One, which Hashed, a global web3 venture capital firm, invested in, has officially begun operating 'HyENA', a derivatives trading platform based on Hyperliquid. As the use of the stablecoin USDe is rapidly expanding in the on-chain derivatives market, this is seen as a new attempt by the Base app ecosystem to respond.

Based One is a builder team that has been developing derivatives markets within the Hyperliquid ecosystem, and has provided user interface (UI) development and market operation tools. HyENA was implemented based on the development specification (HIP-3) presented by Hyperliquid, and follows a structure that allows external developers to independently configure derivatives markets.

Ethena, the issuer and operator of USDe, is a project that has focused on expanding on-chain collateral use cases and building risk management models, and the Ethena Foundation is also participating as a major investor in Based One.

HyENA can set USDe as a collateral asset, and initially supports trading of major assets such as Bitcoin (BTC), Ethereum (ETH), Solana (SOL), and Hyperliquid (HYPE). Reward policies and operating methods are applied according to the standards provided by Based One.

Edison Lim, CEO of Based One, said, "We have been able to experiment with a new market composition method using Hyperliquid's development specification." Guy Young, founder of Ethena, also evaluated, "The use of USDe as collateral is expanding across various environments, and HyENA is an experimental attempt that can be considered within this trend."