HyENA vs Project X
SwanBluechip verdict
SwanBluechip rates HyENA 8/10 versus Project X 6/10, so HyENA is the higher-conviction pick today — but the right call depends on what you need. Compare the takes below.
| Metric | HyENA | Project X |
|---|---|---|
| SwanBluechip Score | 8/10 · Strong | 6/10 · Watching |
| Category | Perps | DEX |
| Status | Points Live | Farmable |
| Airdrop | Points Live | TGE Pending |
| TVL | Mid | Mid |
| HIP layer | HIP-3 | — |
| Referral available | — | Yes |
HyENA
8/10 · Strong
USDe-margined HIP-3 perps DEX from Ethena × Based — idle collateral earns yield while you trade.
Project X
6/10 · Watching
Points live since Jul 2025, favored by the top EVM addresses that historically received the most airdrops.
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