Centrifuge Protocol vs HYENA

Centrifuge Protocol tokenizes real-world assets like invoices and credit pools for DeFi. Its infrastructure bridges traditional finance and DeFi, enabling collateralization of real-world assets for on-chain lending.

HyENA is a capital-efficient perpetual DEX built on Hyperliquid, using the HIP-3 Builder-Deployed Perpetuals framework to launch and manage markets independently. HIP-3 enables faster listings, custom market configurations, and consistent performance while inheriting Hyperliquid’s security and transparency. Positions are margined in USDe, allowing traders to earn rewards as they open and maintain exposure, with HyENA developed by the Based team—the highest-revenue app in the Hyperliquid ecosystem.