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Concerns Raised Over Ethena's Handling of HYPE Assets
11/27/2025, 16:35
AI SUMMARY
●Ethena reportedly borrowing 700k HYPE from stHYPE depositors
●Move replaces purchasing own HYPE, raising collateral concerns
●Community questions impact on stHYPE liquidity on lending markets
On-chain analysts have highlighted potential risks regarding Ethena's interaction with Hyperliquid's HYPE token. Reports indicate that Ethena is borrowing 700,000 HYPE from stHYPE depositors rather than purchasing and locking their own assets.
This strategy has raised questions about the liquidity of stHYPE as a collateral asset on lending markets. Critics suggest this could impact the withdrawability of a significant portion of the supply in the near term.