Ethena and Nunchi Expand Hyperliquid Footprint With New nHYPE Staking Launch

TLDR:

• Hyperliquid expands its ecosystem reach as Ethena and Nunchi align on HIP-3 market deployment strategies.
• nHYPE introduces liquid staking for HYPE while supporting Nunchi’s effort to meet Hyperliquid’s bond requirement.
• USDe becomes the quote asset for Nunchi markets, giving traders yield on margin during execution.
• Early stakers gain stronger cHIPs rewards as Nunchi prepares its yield exchange for launch on Hyperliquid.

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Hyperliquid’s ecosystem is entering a new phase as Ethena and Nunchi move to consolidate their positions. The two teams outlined plans that link USDe, nHYPE, and upcoming HIP-3 markets. 

Ethena referenced the partnership as part of its broader expansion across Hyperliquid. Nunchi detailed how nHYPE will act as the liquid staking base for its upcoming yield exchange.

Hyperliquid Partnership Anchored by nHYPE and USDe

Ethena Labs described the collaboration with Nunchi as a direct step toward deeper Hyperliquid integrations. The group noted that Nunchi will launch all initial markets with USDe as the quote asset, allowing traders to earn a rate on margin while taking yield-based positions. 

Ethena also said a portion of Nunchi’s revenue will support its ecosystem. The team added that a potential Nunchi airdrop may reach the ecosystem if a token launches.

Nunchi’s role extends into Hyperliquid’s HIP-3 deployment framework. The team stated that its bond will rely on community-staked HYPE, converted into nHYPE through a dedicated contract. 

nHYPE becomes a liquid staking token that tracks the staked position while giving holders flexibility across the Hyperliquid environment. Stakers also earn cHIPs, with weekly snapshots forming part of Nunchi’s points system.

Hyperliquid requires a sizable HYPE bond for HIP-3 deployment, according to Nunchi’s announcement. The team explained that this creates a capital burden for new markets and limits liquidity for community members. 

nHYPE addresses this issue by keeping staked HYPE productive and liquid. Participants can trade or move nHYPE without unlocking the core stake used to back the bond.

Ethena referenced its earlier investment in BasedOneX, another Hyperliquid builder, noting that sENA holders receive Based Points. The group pointed to the presence of USDe across the HyperEVM ecosystem, including most major applications. 

The team said it continues to explore new collaborations with HIP-3 deployers and ecosystem contributors. Nunchi, in turn, prepares to open its cHIPs game alongside the nHYPE launch cycle.

Hyperliquid Bond Timeline Sets the Stage for Nov. 28

Nunchi said nHYPE goes live on November 28, marking the first window for early stakers. 

Users with natively staked HYPE must exit their positions now due to the seven-day unstake period. The team emphasized that early involvement brings stronger multipliers through cHIPs. 

The process begins by connecting a wallet, staking HYPE, and minting nHYPE at a one-to-one ratio.

Hyperliquid becomes the central venue for this rollout. The launch will determine how quickly Nunchi secures the HIP-3 bond and activates its yield exchange. Ethena and Nunchi both framed the release as part of a coordinated push to expand activity inside Hyperliquid. 

According to their updates, the shift aims to unlock broader access to yield markets and liquid staking across the network.

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