HyENA Points

HyENA is launching with HyENA points, a six-month program rewarding organic trading activity using USDe as core collateral on HyENA.

Each week, 100,000,000 HyENA points are distributed across eligible users, with results posted to leaderboards and account dashboards after each epoch. There will be 24 epochs, with each epoch lasting a week. For the sake of clarity:

• There will not be a separate “HyENA token”

• “Ethena Exchange Points” are separate from Ethena's ongoing Season 5 points program and do not affect its original allocation.

To preserve integrity, anti-gaming protections exclude self-trades, circular volume, and other manipulative patterns; per-account caps and post-distribution reviews may apply. Ethena may refine parameters, apply filters, or claw back awards to ensure the program continues to favor genuine usage as market conditions evolve.