CMC News

#ArthurHayes Buys $1M $ENA Ahead of USDH Vote Decision

Maelstrom co-founder Arthur Hayes accumulated nearly $995,000 worth of Ethena's $ENA token over 48 hours as Hyperliquid validators prepare for Sunday's decisive USDH stablecoin ticker vote. Arkham Intelligence data shows Hayes purchased 578,956 tokens worth $473,000 on Wednesday.

Earlier purchases totaling 672,800 $ENA tokens valued at $521,000 occurred on Monday and Tuesday. The timing coincides with Ethena's competitive bid for control of the #USDH stablecoin ticker through Hyperliquid's validator decision process.

#Ethena's proposal leverages BlackRock's backing through its USDtb stablecoin collateralized via BlackRock's BUIDL fund. The company pledges 95% of revenue to Hyperliquid while covering migration costs for shifting trading pairs from $USDC to USDH.

Native Markets leads prediction market odds at 90% despite being newly formed. Their proposal features GENIUS-compliant USDH managed through Bridge, Stripe's stablecoin issuer, with reserves in cash and Treasuries.

Paxos revised its Wednesday proposal after PayPal's backing, expanding beyond regulatory emphasis to pledge larger reserve yield shares. #Kraven announced listing offers for USDH and $HYPE pending standard review processes.

HypurrCollective founder Kirby Ong suggests Hayes' positioning appears personal rather than backing Ethena specifically. Validator alignments with current stakers and the translation of #prediction market sentiment into actual votes will determine Sunday's outcome.