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

Venezuelan Minimum Monthly Wage Not Pegged to the Petro, According to Official Gazette Decree
Venezuelan Minimum Monthly Wage Not Pegged to the Petro, According to Official Gazette Decree The new decree that makes official the recently announced Venezuelan minimum monthly w
Kazakhstan Imposes Purchase Limits on Retail Crypto Investors
Kazakhstan Imposes Purchase Limits on Retail Crypto Investors Authorities in Kazakhstan have introduced restrictions on the amounts of cryptocurrency retail investors can buy on lo
Elon Musk Reaffirms Support for Dogecoin, Changes Profile Picture — DOGE Trading Volumes Jumped 1,250% in Q2
Elon Musk Reaffirms Support for Dogecoin, Changes Profile Picture — DOGE Trading Volumes Jumped 1,250% in Q2 Tesla and Spacex CEO Elon Musk has continued to tw
Instagram Is ‘Exploring NFTs’ to ‘Make Them More Accessible to a Wider Audience,’ Says CEO
Instagram Is "Exploring NFTs" to "Make Them More Accessible to a Wider Audience," Says CEO According to the CEO of Instagram, Adam Mosseri, the social media application is looking
Stock Exchange of Thailand to Launch Digital Asset Exchange ‘Very Soon’
Stock Exchange of Thailand to Launch Digital Asset Exchange "Very Soon" The Stock Exchange of Thailand is getting ready to launch a digital asset exchange. The president of the Tha
Ethereum vs. Avax Social Media Battles Rage as L1 Fees Keep Rising
Ethereum vs. Avax Social Media Battles Rage as L1 Fees Keep Rising The Ethereum scaling wars are raging on social media due to the problems that this chain is facing, with fees on
Swingby Partners With Chainlink To Secure Bitcoin Bridge
Swingby Partners With Chainlink To Secure Bitcoin Bridge press release PRESS RELEASE. Swingby has recently announced a newly established partnership with Chainlink for Proof of Rese
Brayden Lindrea7 hours agoCoinbase layer-2 network Base closes in on mainnet launchWhile a date for mainnet wasn’t announced, the Base team said it’s now fulfilled four out of five of their criteria for launch.1921 T
Brayden Lindrea5 hours agoBitcoin-friendly El Salvador can become ‘Singapore of the Americas’ — VanEck adviserVanEck strategy adviser Gabor Gurbacs expects a wave of new investment capital and immigration will push
The Central African Republic Says Sale of 210 Million Sango Crypto Tokens to Commence in Late July
The Central African Republic Says Sale of 210 Million Sango Crypto Tokens to Commence in Late July The sale of the Central African Republic (CAR)’s 210,000,000 Sango coins i
HUMAN Protocol (HMT) Announces Listing on Bitfinex
HUMAN Protocol (HMT) Announces Listing on Bitfinex sponsored September 16th, 2021 09:00 UTC – The HUMAN Protocol Foundation, the team behind HUMAN Protocol, have announced to
Cryptocurrency and Safety Money, Bitcoin Vault Breaks Stereotypes
Cryptocurrency and Safety Money, Bitcoin Vault Breaks Stereotypes Cryptocurrency theft has boomed over the past couple of years and this is no hoax. Over USD 1.4