BitMEX Co-Founder Arthur Hayes Buys Nearly $1M In Ethena Ahead Of Hyperliquid Stablecoin Vote
BitMEX co-founder Arthur Hayes has bought nearly $1 million worth of Ethena (ENA) as the project joins the bidding to facilitate Hyperliquid’s USDH stablecoin launch.
On-chain data tracked by Arkham Intelligence shows Hayes has bought multiple tranches of ENA tokens over the past two days. The most recent purchase was for 578,956 tokens worth about $473,000.
Prior to that buy, he made two purchases totalling approximately 672,800 ENA for around $521,000.
Despite the purchases, the ENA price has dropped 3.6% in the past 24 hours to trade at $0.7737 as of 7:43 a.m. EST, according to CoinMarketCap.
ENA price chart (Source: CoinMarketCap)
Even after the pullback, the altcoin remains more than 10% up in the past week.
Ethena Joins Others In USDH Stablecoin Bidding
Ethena has joined other firms bidding to issue USDH, the stablecoin for one of the largest decentralized exchanges in the market with billions of dollars in daily trading volume.
Ethena has proposed backing USDH entirely with its USDtb stablecoin, which is being used as a form of collateral in BlackRock’s BUIDL fund and has ties to Anchorage Digital Bank.
The team also pledged around 95% of reserve revenue back to the Hyperliquid community, and said it will also offer at least $750 million in ecosystem incentives.
Other firms that have entered the running are Paxos, Native Markets, Sky (formerly MakerDAO), Frax Finance, Agora, OpenEden, and BitGo.
Hyperliquid Community Members Have Until End Of Week To Vote
Hyperliquid community members have until Sept. 14, at 10:00 a.m. UTC, to place their vote on the proposal they would like to proceed with, according to an X post earlier today by the Hyperliquid Foundation.
In the post, the Hyperliquid Foundation said that each of the Foundation’s validators has already stated their intended vote and the reason behind their decision in the project’s Discord governance forum.
To take part in the vote, Hyperliquid community members will have to stake their HYPE tokens with the validator whose decision matches theirs.
Investors will be able to switch their vote by unstaking from one validator and locking up their tokens with another.
However, the Foundation said that there is a “1-day cooldown” period after tokens are staked with a new validator.
“Voting is fully onchain through a transaction on the Hyperliquid blockchain and based on stake,” the Foundation wrote.
Once two thirds of the voting power agrees on a decision, the winning choice will be approved.
When this threshold is met, a specific address will get permission to place a bid in the “spot deploy gas function,” the Foundation said in the post.
This is the function used for launching or deploying something new on the Hyperliquid chain.
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