Crypto Flexs
  • DIRECTORY
  • CRYPTO
    • ETHEREUM
    • BITCOIN
    • ALTCOIN
  • BLOCKCHAIN
  • EXCHANGE
  • ADOPTION
  • TRADING
  • HACKING
  • SLOT
  • TRADE
Crypto Flexs
  • DIRECTORY
  • CRYPTO
    • ETHEREUM
    • BITCOIN
    • ALTCOIN
  • BLOCKCHAIN
  • EXCHANGE
  • ADOPTION
  • TRADING
  • HACKING
  • SLOT
  • TRADE
Crypto Flexs
Home»ALTCOIN NEWS»Ethena Labs onboards Bitcoin as a backing asset for the cryptocurrency project’s synthetic dollar.
ALTCOIN NEWS

Ethena Labs onboards Bitcoin as a backing asset for the cryptocurrency project’s synthetic dollar.

By Crypto FlexsApril 6, 20242 Mins Read
Facebook Twitter Pinterest LinkedIn Tumblr Email
Ethena Labs onboards Bitcoin as a backing asset for the cryptocurrency project’s synthetic dollar.
Share
Facebook Twitter LinkedIn Pinterest Email

Synthetic dollar protocol developer Ethena Labs has added Bitcoin (BTC) to support of the company’s flagship USDe stablecoin.

Social media platform X announced through Ethena Labs Called Using Bitcoin to support USDe is “an important unlock that will allow USDe to expand significantly” at its current supply of $2 billion.

USDe aims to be a censorship-resistant stablecoin that maintains on-chain support through delta-hedging staked Ethereum (ETH) collateral, a mechanism described as an “internet bond.”

“The ‘Internet Bond’ will combine yields derived from staked Ethereum with fund and base spreads from perpetual and futures markets to create the first on-chain cryptocurrency-based ‘bond’ that can function as dollar-denominated savings. . This tool is intended for users in permitted jurisdictions.”

Ethena Labs says Bitcoin’s thicker liquidity and higher open interest on exchanges make it ideal for supporting and scaling USDe compared to Ethereum.

“In just one year, BTC open interest (OI) on major exchanges (excluding the Chicago Mercantile Exchange) grew from $10 billion to $25 billion, and ETH OI grew from $5 billion to $10 billion.

The BTC derivatives market is growing at a faster rate than ETH and offers better scalability and liquidity for delta hedging.

BTC does not have the same underlying staking yield as staked ETH, but a 3-4% staking yield is less important in a bull market with funding ratios exceeding 30%.

“The current environment is ideal for optimizing USDe’s scalability.”

Ethena’s BTC support for USDe is now reflected in real-time on the dashboard.

Don’t miss a beat – subscribe to get email alerts delivered straight to your inbox

Check Price Action

follow us TwitterFacebook, Telegram

Daily Hodl Mix Surfing

&nbsp

Disclaimer: Opinions expressed on The Daily Hodl do not constitute investment advice. Investors should do their due diligence before making high-risk investments in Bitcoin, cryptocurrencies, or digital assets. Please note that your transfers and transactions are entirely at your own risk and you will be responsible for any losses you may incur. The Daily Hodl does not recommend the purchase or sale of any cryptocurrency or digital asset, and The Daily Hodl is not investment advice. The Daily Hodl engages in affiliate marketing.

Image created by: Midjourney

Share. Facebook Twitter Pinterest LinkedIn Tumblr Email

Related Posts

SEI tokens have soared more than 100% in June -the highest catalyst explained.

June 26, 2025

$ 438m XRP Transfer Sparks Panic- Ripple?

June 19, 2025

Solana Price Eyes 103% Rally $ 300: Here is the reason.

June 12, 2025
Add A Comment

Comments are closed.

Recent Posts

No Altcoin Season 2025 ? Why Bitcoin Dominance Is Holding Strong In The Crypto Market

June 28, 2025

Why It Matters For Every Crypto Investor

June 27, 2025

Why It Matters For Every Crypto Investor

June 27, 2025

Safe smart account audit summary

June 27, 2025

CARV’s New Roadmap Signals Next Wave Of Web3 AI

June 27, 2025

CARV’s New Roadmap Signals Next Wave Of Web3 AI

June 27, 2025

Bybit Expands Global Reach With Credit Card Crypto Purchases In 25+ Currencies And Cashback Rewards

June 27, 2025

BYDFi Joins Seoul Meta Week 2025, Advancing Web3 Vision And South Korea Strategy

June 27, 2025

Earns $9,800 Per Day With BTC Breaks Through $107,000, GoldenMining Global Market.

June 27, 2025

Why Bakkt Holdings can buy Bitcoin with a $ 1 billion increase

June 27, 2025

NVIDIA RTX strengthens FITY’s AI -centered innovation in Cooler Design.

June 27, 2025

Crypto Flexs is a Professional Cryptocurrency News Platform. Here we will provide you only interesting content, which you will like very much. We’re dedicated to providing you the best of Cryptocurrency. We hope you enjoy our Cryptocurrency News as much as we enjoy offering them to you.

Contact Us : Partner(@)Cryptoflexs.com

Top Insights

No Altcoin Season 2025 ? Why Bitcoin Dominance Is Holding Strong In The Crypto Market

June 28, 2025

Why It Matters For Every Crypto Investor

June 27, 2025

Why It Matters For Every Crypto Investor

June 27, 2025
Most Popular

82% increase in BONK price is a sign of memecoin mania – a new prediction?

March 1, 2024

Resurrecting a dead loved one with AI is already a thing

January 23, 2024

Blockchain startup LightLink raises $6.2 million amid changes in cryptocurrency VC activity

April 7, 2024
  • Home
  • About Us
  • Contact Us
  • Disclaimer
  • Privacy Policy
  • Terms and Conditions
© 2025 Crypto Flexs

Type above and press Enter to search. Press Esc to cancel.