Lead
Arthur Hayes, co-founder of Maelstrom, bought roughly $995,000 of ENA in a rapid move tracked on-chain. The Ethena ENA token purchase ahead of Hyperliquid USDH vote occurred within 48 hours ahead of a decisive validator ballot, according to Arkham Intelligence. The buys came Monday and Wednesday, and they landed as Ethena and rivals jockey for control of the USDH ticker on Hyperliquid.
Strategic token buys
Hayes’ timing looks like strategic positioning rather than an outright endorsement of Ethena’s campaign. Arkham Intelligence traces the ENA token trades and shows multiple entries. Ethena’s plan would collateralize USDH via USDtb from BlackRock’s BUIDL fund and route most revenue to Hyperliquid, raising the stakes for Hyperliquid validators.
Competitors and stakes
Other contenders include Paxos (with a Kraken listing offer), Native Markets, Sky, Frax Finance and Agora. Each proposal differs on reserve design, yield sharing and migration costs. The governance vote will decide which team manages USDH and how fees flow through the Hyperliquid ecosystem.
Vote implications
If the Ethena ENA token purchase ahead of Hyperliquid USDH vote signals wider backing, validators may weigh revenue commitments and exchange access. Hayes’ buy adds market attention but doesn’t substitute for validator approval.
Frequently asked questions about Ethena ENA token purchase ahead of Hyperliquid USDH vote (FAQ)
Who is Arthur Hayes?
Arthur Hayes is Maelstrom’s co-founder and a prominent crypto trader and commentator.
Did Hayes try to sway the governance vote?
His purchases were public on Arkham Intelligence; intent appears strategic but not a formal endorsement.
Who else is competing?
Paxos, Native Markets, Sky, Frax Finance and Agora are among proposals.
Sources to this article
Arkham Intelligence, 2025, On-chain transactions: Arthur Hayes ENA purchases. Available at: https://arkhamintelligence.com
Ethena, 2025, ENA governance proposal and USDH mechanics. Available at: https://ethena.xyz
Hyperliquid, 2025, Validator vote documentation and USDH governance. Available at: https://hyperliquid.io
