Ethena (ENA) Soars Amid Launch of New Stablecoin and Key Partnerships
The price of Ethena’s native token (ENA) has jumped over 45% this week, following the launch of several new offerings.
Ethena is building a synthetic dollar system, aiming to provide a decentralized alternative to traditional banking with its digital dollar, USDe.
In addition to USDe, Ethena offers a savings product called “the Internet Bond,” which is also dollar-denominated.
Currently trading at $0.361, ENA has risen from $0.248 just a week ago, marking a 14% increase in the last 24 hours alone. Ranked 115th by market cap, the token’s growth has been fueled by new partnerships and product launches.
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Almost 90% ot Airdrop Tokens Crash Within Three MonthsEarlier this week, Ethena announced its integration with EigenLayer, a restaking protocol on Ethereum . The collaboration introduces USDe as a dollar-backed asset that can now be used as collateral within EigenLayer’s shared security framework. Previously, only Ethereum-based assets were accepted as collateral, but the inclusion of USDe opens up new possibilities for less volatile collateral options.
Additionally, Ethena introduced a new stablecoin called UStb, which is fully backed by BlackRock’s USD Institutional Digital Liquidity Fund (BUIDL). This marks BlackRock’s first tokenized fund, which invests in U.S. Treasury bills and similar assets. Ethena explains that UStb will function separately from USDe, offering users a stablecoin with a distinct risk profile.
Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.
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