According to an X-post, analysts on-chain noted that today, March 18, 2025, the $ Usde-Ticker was bought on hyperliquid on hyperliquid. Now the user speculates that the purchase of Ticker suggests that Ethena will implement in the Hyperliquid L1 chain.
“Has Ethena really bought the ticker? Or did anyone else try to pyop people?” The user asked before he continued connecting points based on the chains cited that they have cited.
Ticker $ Usde was bought 3 hours ago on hyperliquid.
This suggests that Ethena will bet on hyperliquid, but … Has Ethena really bought the ticker? Or did anyone else try to pyop people?
Let’s check it onchain.
The ticker was purchased by … pic.twitter.com/gygqxereo3
– Ericonomic (@ericonomic) March 18, 2025
Where the onchain certificate led
After Ericonomic (@ericonomic) discovered that the Ticker $ Usde was bought on hyperliquid, he decided to look in the chain to see if he could discover whether the move was done by Ethena or bad actors.
According to analysis on-chain that followed the wallet addresses involved, the ticker was purchased by wallet address 0x47581b206FFB2752C165B987141bad0DC22BD605. The wallet was financed by 0x643DBC80BB5432F646FA4091A9B205E87AE4, a wallet that appears to have been linked to an Ethena implementation, an external ownership account (EOA) that is used for the implementation of the implementation of the implementation of the implementation of the implementation of the implementation of the implementation of the implementation of the implementation of the implementation of the implementation of the implementation of the implementation of the implementation of the implementation of the implementation of the implementation of the implementation of the implementation of the implementation of the implementation of the implementation of SlimmeTeTenStertenigen.
The address that the $ Usde -Ticker bought was funded by an address linked to Ethena implementation EOAS. Source: Ericonomic
Further tracing of the transactions showed that 0x643 was financed by 0x796ee28CE42BF7BD43A09ACD43FACD0AACD7C3B29, another address coupled to Ethena’s Development MultiGig, which has been awarded in Ethina -Curanca Fund.
Another wallet, 0xff0458a5f86471717B05D79BF456A8B70767A7EF5, which was funded by the Ethena-Implementation 0x643, has reportedly also sent funds to hyperliquid to set a 4-8 multisstructure, L1-Blockchain has been sent.
Apparently these developments are strong proof of the involvement of Ethena, as a result of which Ericonomic has closed its function by declaring that Ethena is indeed planning to implement Hyperliquid.
Ericonomic ended his function by writing that Ethena could wait until hyperliquid makes the hyperevm <> hypercore token bridge possible before he fully uses.
In the commentary, many seemed to agree with Ericonomic. One user, @0xnutzs, remembered a proposal from last year as proof of Etha’s interest in hyperliquid.
The management proposal on the Ethena Forum was dated on October 17, 2024 and entitled “Hyperliquid Ethena -Liquidity and Usde integration.” It asked to integrate Ethena hyperlowquid as a eligible location for part of the hedging current, subject to technical and legal due diligence.
It had been an official suggestion within the community of Ethena’s and the speculation caused among those who monitor Ethena’s administrative activities. The excitement began to build, but then time was given, people realized something strange; Ethena stopped talking about the subject after the proposal.
This probably fed even more speculation when people wondered why they were in it; Can there be technical, legal or strategic issues that cause delays, or if the integration was completely abandoned?
If the proposal was approved, or if it was finally approved, the integration would be implemented in a controlled manner with a risk committee guidelines, since Ethena scales of the power department in addition to the growth of hyperliquid, with maximum initial proposed allocations.
The proposal, which outlined synergies between hyperliquid and Ethena, also asked to do the Ethena Risk Committee his due diligence of the suitability of Hyperliquid as a potential hedging location. Since then it has been months ago and the committee is quiet. That is why many now wonder whether the committee is still doing his appropriate process or whether Ethena is taking steps under the radar.
Hyperliquid can be a suitable location for Ethena’s Usde
Hyperliquid is a relatively new L1 that has proven to be more than just a project that people have left after receiving airdrops, such as in the case of projects such as Starknet.
Hyperliquid is in third place in Defi in 24-hour income Behind tether and circle. Source: Defillama
Hyperliquid is a low-1 blockchain that also functions as a Dex that offers its users benefits, such as fast and cheap trade. Because it burst into space, it has received a lot of attention and it has even seen something that looks like a cult around it.
The DEX now has more than 200,000 users and usually records daily volumes that vary between $ 1-4 billion. It now has more than $ 1 billion in open interest rates (OI), that other perpetual dexs on-chain in potential dwarf. It is even borderline similar to the largest cexs.
In October, Hyperliquid regularly accounted for around 40% of eternal volumes on the chain, according to a report from Artemis. Ethena undoubtedly realizes that hyperliquis, with its robust and well -performing trade infrastructure, could significantly improve its operational possibilities, hence the interest.
There is also the fact that platforms share the same disk to first satisfy their users for something else while they remain scalable.
After his tokenterie event last November, Hyperliquid airdropt about 31% of his total range of 1 billion and achieved a market capitalization of $ 1.7 billion on the first day, with a peak on a completely diluted rating of $ 5.1 billion (FDV).
At the beginning of 2025, the FDV reportedly rose to $ 34 billion, but according to data from Coingecko it fell and there is currently around $ 13.3 million. Nevertheless, Hyperliquid is considered a top L1/ Perpetual Dex that could use Ethena to prolifate his $ Usde Stablecoin in Tem’s of volume and adoption.
