The native token of synthetic dollar protocol developer Ethena (ENA) surged more than 45% this week as the project launched several new products.
Ethena aims to provide a cryptocurrency-based solution that does not rely on traditional banking system infrastructure through a synthetic dollar called USDe.
The protocol also provides dollar-denominated savings vehicles called “Internet Bonds.”
ENA is trading at 0.361 at the time of this writing, up from about $0.248 a week ago. The 115th largest cryptocurrency asset by market capitalization also rose more than 14% in the past 24 hours.
On Tuesday, Ethena announced the launch of its partnership with Ethereum (ETH) re-staking protocol EigenLayer (EIGEN).
We described Ethena earlier this month.
“We are excited to share the news that Ethena has partnered with EigenLayer and Ether.fi to introduce USDe as the first dollar-denominated token that can be used as a security within a generalized shared security platform.
Expanding re-staked collateral to include dollar-denominated underlying assets expands the potential use cases for Actively Validated Services (AVS) that favor less volatile collateral. Previously, only ETH-based assets could be used as collateral for staking.”
On Thursday, Synthetic Dollar Protocol launched UStb, a new stablecoin product fully backed by asset management giant BlackRock’s USD Institutional Digital Liquidity Fund (BUIDL).
BUIDL is BlackRock’s first tokenized fund that invests in cash, U.S. Treasury securities, and repurchase agreements.
Ethena explains:
“It will exist as an isolated product separate from USDe, providing users and trading partners with a new product with a differentiated risk profile to USDe.”
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