Fun

Ethena Labs launches Solana version of USDe stablecoin

News Feed - 2024-08-08 06:08:52

Christopher Roark11 hours agoEthena Labs launches Solana version of USDe stablecoinUSDe was made available on Solana and became integrated with multiple Solana-based DEXs and DeFi protocols, including Kamino, Orca and Drift.926 Total views10 Total sharesListen to article 0:00NewsOwn this piece of crypto historyCollect this article as NFTCOINTELEGRAPH IN YOUR SOCIAL FEEDFollow ourSubscribe onStablecoin USDe has launched on the Solana network, according to an Aug. 7 announcement from its developer, Ethena Labs. Borrowers will be able to use Solana (SOL) as collateral for USDe loans as soon as Ethena (ENA) token holders approve their use. USDe is also integrated with several Solana apps, including KaminoFinance, Orca, Drift, and Jito.


USDe was previously available only on Ethereum, and loans could be taken out using Ether (ETH) or Bitcoin (BTC) as collateral.


Ethena Labs posted the Solana launch announcement to the X social media platform, stating that “USDe is live on Solana as of today, August 7th.”Source: Ethena Labs


According to its documents, USDe is a stablecoin that attempts to maintain a peg to the US dollar. It is backed by both Lido Staked Ethereum (stETH) and short positions in the Ethereum perpetual futures market. It produces a yield from Ethereum staking rewards and from negative funding rates on its short positions.


According to the announcement, the stablecoin is now available on decentralized finance protocol Kamino Finance and decentralized exchanges Orca and Drift Protocol. It will also become available on restaking protocol Jito “when once operational shortly.”


Users can earn Ethena Sats, which are exchangeable for ENA at the end of each campaign, by providing USDe liquidity to the integrated exchanges or by using the stablecoin as collateral for margin trades.


The Ethena Labs team expects a vote to be held next week on whether SOL will become allowed as collateral for USDe loans. The Ethena protocol will not necessarily start shorting SOL right away  because “SOL perps [futures] began trading later and have less historical data on funding rates [when compared to ETH].”


Related:Ethena becomes highest earning DApp in crypto


However, the team does expect the protocol to eventually start issuing short positions against SOL. “Subject to governance, Ethena will scale slowly into SOL as funding is monitored,” the announcement stated.


USDe supporters claim that it pays out a high yield that is also relatively safe, making it a superior asset .


Magazine: How Chinese traders and miners get around China’s crypto ban# Ethereum# Stablecoin# DeFi# SolanaAdd reaction

News Feed

Biggest Movers: ETC Nears 10-Week High, as TRX Extends Recent Gains
Biggest Movers: ETC Nears 10-Week High, as TRX Extends Recent Gains Ethereum classic was approaching a ten-week high on Wednesday, as prices rose by over 14% in today’s sess
Can blockchain revolutionize digital securities management for stock exchanges?
Savannah Fortis11 hours agoCan blockchain revolutionize digital securities management for stock exchanges?Cointelegraph spoke with the Sui network to better understand how blockchain is playing a part in enhancing securi
Messari Releases Q3 2022 State of TRON and State of USDD Reports
Messari Releases Q3 2022 State of TRON and State of USDD Reports sponsored Geneva, Switzerland / November 8, 2022 / – Messari, the leading provider of crypto market intellige
G Mining Inc. - Bitcoin Cloud Mining with Incredible Prices
Source: Shutterstock Long crypto, short fiat! Looking for an easy and smart investment solution for t
Latest EU Sanctions Expected to Stimulate Russia’s Own Crypto Market, Exchanges Maintain Services
Latest EU Sanctions Expected to Stimulate Russia’s Own Crypto Market, Exchanges Maintain Services The new crypto sanctions imposed by the European Union are likely to spur the de
OpenAI backs Senate bills to advance AI safety and accessibility
Amaka Nwaokocha11 hours agoOpenAI backs Senate bills to advance AI safety and accessibilityOpenAI’s support for these bills highlights a broader vision for AI that balances safety, accessibility and the potential for e
Long-Term Bitcoin Holders Remain Greedy Amid Price Break Toward $100,000, Why This Is Good
Este artículo también está disponible en español. Long-term Bitcoin holders are showing signs of growing greedas the price of BTC steadily approaches the $100,000 mark. A
Martin Young2 hours agoCanadian regulatory body clarifies stablecoin rules for exchanges and issuersThe umbrella organization for Canada’s securities regulators has set conditions for trading and issuing stablecoins.56
Immutable shuts NFT marketplace, why Web3 gaming needs its own Steam: Nifty Newsletter
Ezra Reguerra5 hours agoImmutable shuts NFT marketplace, why Web3 gaming needs its own Steam: Nifty NewsletterImmutable has wound down its NFT marketplace to allow marketplaces within its ecosystem to flourish.226 Total
Web3 games can explode thanks to artificial intelligence, says AI gaming CEO
Jonathan DeYoung10 hours agoWeb3 games can explode thanks to artificial intelligence, says AI gaming CEOGenerative AI can help indie studios build games on a budget and developers scale Web3 gaming, Atlas CEO Ben James t
Crypto Exchange Bitgrail Founder Accused by Italian Police of Faking Hacks That Led to Company’s Bankruptcy
Crypto Exchange Bitgrail Founder Accused by Italian Police of Faking Hacks That Led to Company"s Bankruptcy Italian police accused a man who ran a cryptocurrency
Digital Yuan Trial Hotspot Not Seeing Wide Acceptance, Claims Report
Digital Yuan Trial Hotspot Not Seeing Wide Acceptance, Claims Report With digital yuan pilots underway in China, it seems the currency is not meeting government