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Ethena, a prominent player in the cryptocurrency realm, is making waves once again as it prepares for the upcoming Bitcoin halving. With a strategic move to hedge over $500 million in Bitcoin across major exchanges like Binance and OKX, Ethena is positioning itself for resilience amid market fluctuations.
The Ethena (ENA) cryptocurrency market has successively registered increased number of competing projects. Among many others, Ethena stands out as one of the most promising contenders.
In a groundbreaking move that is set to redefine the realm of digital finance, Ethena Labs has announced the integration of Bitcoin as collateral for its USDe synthetic dollar. This strategic decision marks a significant shift in the cryptocurrency landscape, opening doors to unprecedented levels of scalability and potential for investors worldwide.
Synthetic dollar protocol developer Ethena Labs has added Bitcoin (BTC) to the backing of its USDe stablecoin, the firm's flagship product. Announcing via the social media platform X, Ethena Labs says that using Bitcoin to back USDe is “a crucial unlock which will enable USDe to scale significantly” from its current supply of $2 billion.
Ethena Labs has made headlines by announcing its intention to back its USDe synthetic dollar with Bitcoin.
Crypto Price Prediction: On April 6th-Saturday, the altcoin market witnessed a notable inflow despite the flatline trading in Bitcoin. In the last 24 hours, the top altcoins like Ethereum (ETH), Solana (SOL), and XRP witnessed a 2% jump, while Avalanche (AVAX) and Dogecoin (DOGE) showed a 5-6% hike.
After a sudden decline earlier in the week, the cryptocurrency market has witnessed a modest revival, spearheaded by Bitcoin (BTC). The maiden cryptocurrency is striving to reclaim the $70,000 threshold and aim for a new all-time high.
Today's topics include Ethena's transparency around its risks, $2 billion of government bitcoin, the Wormhole airdrop and a new crypto fund.
Ethena Labs aims to strengthen USDe's backing, ultimately providing a safer product for its users leveraging BTC's expanding open interest.
Bitcoin (CRYPTO: BTC) moved lower, but the cryptocurrency prices remained above the key $66,000 level on Friday. Ethereum (CRYPTO: ETH) also recorded losses, falling below the key $3,300 mark this morning.
On Thursday, Ethena Labs unveiled its new strategy to back USDE with bitcoin, enhancing the stablecoin's foundation. The stablecoin, known for delivering yields in the double digits, has rapidly ascended to become the fifth-largest stablecoin by market capitalization, now valued at over $2 billion.
Ethena Labs has announced the onboarding of Bitcoin as a backing asset to enhance the stability and appeal of its USDe stablecoin.
TL;DR Ethena Labs Integrates Bitcoin: Ethena Labs has added Bitcoin as collateral for its USDe synthetic dollar to increase safety and scale the supply, enhancing the product's robustness.
The idea is to make the algorithmic stablecoin more stable, but doubts remain.
Ethena Labs announced to back its USDe synthetic dollar with Bitcoin and some crypto experts have raised red flags on the move as it may crash the crypto market. Among these experts, on-chain data platform CryptoQuant CEO said USDe backed by Bitcoin raises risks of a potential Terra LUNA-like crisis.
Decentralized Finance (DeFi) protocol Ethena Labs has announced the addition of Bitcoin as one of the backing assets for its synthetic dollar-pegged stablecoin. The USDe is already backed by ETH, ETH-based liquid staking tokens, and Tether (USDT).
The platform will use a cash-and-carry trade to short bitcoin futures and pocket funding rates to generate yield on its USDe tokens.
Ethena Labs, the team behind the synthetic dollar-pegged product USDe, has announced the addition of Bitcoin (BTC) as collateral.
USDe is already backed by Ether, Ether-based liquid staking tokens and Tether, but Ethena says Bitcoin will provide more “safe” and “robust” product for USDe token holders.
Ethena Labs adds Bitcoin to back its USDe stablecoin, embracing resurgence in the alpha crypto and diversifying backing assets as it scales.
Ethena Labs announced the inclusion of Bitcoin as a backing asset for its USDe synthetic dollar. The DeFi protocol was communicated via X on Thursday.
USDe is now also being backed by bitcoin amid a resurgence in the world's oldest cryptocurrency, Ethena Labs said Thursday.
TL;DR Wormhole, Ethena, and Waves are in the spotlight as leading projects in the surge of digital tokens, according to Santiment. Wormhole experienced a massive increase in its popularity after its “Token Generation Event,” although the price of the W token has decreased since then.
Bitcoin (CRYPTO: BTC) moved higher, with the cryptocurrency prices trading above the key $66,000 level on Thursday. Ethereum (CRYPTO: ETH) also recorded gains, trading above the key $3,300 mark this morning.
