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.

At the end of this points campaign, HyENA points will be eligible for a new Ethena points category called “Ethena Exchange Points”, as part of Ethena’s rewards program to help promote USDe as collateral across exchanges. For the sake of clarity:

• There will not be a separate “HyENA token”

• “Ethena Exchange Points” are separate and additive to Ethena’s ongoing Season 5 points program

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.