Project X vs HyENA
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 | Project X | HyENA |
|---|---|---|
| SwanBluechip Score | 6/10 · Watching | 8/10 · Strong |
| Category | DEX | Perps |
| Status | Farmable | Points Live |
| Airdrop | TGE Pending | Points Live |
| TVL | Mid | Mid |
| HIP layer | — | HIP-3 |
| Referral available | Yes | — |
Project X
6/10 · Watching
Points live since Jul 2025, favored by the top EVM addresses that historically received the most airdrops.
HyENA
8/10 · Strong
USDe-margined HIP-3 perps DEX from Ethena × Based — idle collateral earns yield while you trade.
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