HyENA vs Nest
SwanBluechip verdict
SwanBluechip rates HyENA 8/10 versus Nest 5/10, so HyENA is the higher-conviction pick today — but the right call depends on what you need. Compare the takes below.
| Metric | HyENA | Nest |
|---|---|---|
| SwanBluechip Score | 8/10 · Strong | 5/10 · Watching |
| Category | Perps | DEX |
| Status | Points Live | Points Live |
| Airdrop | Points Live | Points Live |
| TVL | Mid | $14M |
| HIP layer | HIP-3 | — |
| Referral available | — | — |
HyENA
8/10 · Strong
USDe-margined HIP-3 perps DEX from Ethena × Based — idle collateral earns yield while you trade.
Nest
5/10 · Watching
First ve(3,3) MetaDEX on HyperEVM. Routes trading fees into HYPE-aligned rewards via the veNEST lock model. NEST token is already live, so the pre-token window is closed — remaining edge is emissions and gauge farming.
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