According to TechFlow, on October 17, the Ethena Foundation proposed to integrate Hyperliquid Ethena liquidity with USDe.

The proposal states that Hyperliquid L1 will be considered as a qualified venue as part of its hedging stream, subject to technical and legal due diligence. If approved, the integration will be implemented in a gradual and controlled manner under the guidance of the Risk Committee.

Hyperliquid has more than 200,000 users, daily trading volume typically ranges from $1 to $4B, and open positions exceed $1B, significantly larger than other on-chain permanent DEXs.

The proposal requires the Ethena Risk Committee to conduct due diligence on Hyperliquid’s suitability as a potential hedging venue.