{"id":277633,"date":"2024-04-05T00:41:51","date_gmt":"2024-04-04T19:11:51","guid":{"rendered":"https:\/\/dripp.zone\/news\/?p=277633"},"modified":"2024-04-05T00:41:51","modified_gmt":"2024-04-04T19:11:51","slug":"ethena-adds-bitcoin-as-collateral-asset-for-usde-crypto-news","status":"publish","type":"post","link":"https:\/\/dripp.zone\/news\/ethena-adds-bitcoin-as-collateral-asset-for-usde-crypto-news\/","title":{"rendered":"Ethena Adds Bitcoin As Collateral Asset For USDe &#8211; Crypto News"},"content":{"rendered":"<p><\/p>\n<p>The move is intended to help the delta-hedged synthetic dollar scale by accessing the Bitcoin futures market.<\/p>\n<div>\n<p>Ethena Labs is adding Bitcoin as a collateral asset for its USDe synthetic dollar as a strategic step to enhance scalability.<\/p>\n<p>USDe has grown rapidly since launching an airdrop campaign earlier this year, with its total value locked (TVL) now approaching $2 billion. This has resulted in Ethena\u2019s short futures positions, which are used to hedge the protocol\u2019s ETH exposure, ballooning to 20% of total Ether open interest, according to the project.<\/p>\n<p>Ethena aims to tap into the substantial liquidity and increased scaling potential offered by BTC derivative markets, <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/twitter.com\/ethena_labs\/status\/1775944410011926931?s=20\">estimating<\/a> that the move could enable it to scale USDe by 250%.<\/p>\n<p>The project\u2019s <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/thedefiant.io\/ethena-labs-ena-launches-at-usd1-billion-post-airdrop-as-sats-campaign-kicks-off\">newly launched ENA token<\/a> is trading at around $1, giving it a market capitalization of $1.5 billion.<\/p>\n<p><!--$!--><!--\/$--><a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/www.coingecko.com\/en\/coins\/ethena\" class=\"no-underline\"><\/p>\n<figure><figcaption class=\"text-center text-xs\">ENA Price<\/figcaption><\/figure>\n<p><\/a><\/p>\n<p>The team noted that while BTC does not offer a native staking yield like ETH, it compensates with its superior liquidity and duration profile. Additionally, in a bull market where funding rates exceed 30%, staking yields become less significant.<\/p>\n<p>By adding BTC as a backing asset, Ethena expects to bolster the scalability and overall stability of USDe. The BTC integration will be reflected in Ethena&#8217;s dashboards starting tomorrow.<\/p>\n<\/div>\n","protected":false},"excerpt":{"rendered":"<p>The move is intended to help the delta-hedged synthetic dollar scale by accessing the Bitcoin futures market. Ethena Labs is adding Bitcoin as a collateral asset for its USDe synthetic dollar as a strategic step to enhance scalability. USDe has grown rapidly since launching an airdrop campaign earlier this year, with its total value locked [&hellip;]<\/p>\n","protected":false},"author":2,"featured_media":277634,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[6],"tags":[274,273,272,244,266,271,268,270,269,267],"class_list":["post-277633","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-de-fi","tag-crypto-finance","tag-decentralized-finance","tag-liquidity","tag-metamask","tag-pancake","tag-slippage","tag-sushiswap","tag-tronlink","tag-trust-wallet","tag-uniswap"],"_links":{"self":[{"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/posts\/277633","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/comments?post=277633"}],"version-history":[{"count":2,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/posts\/277633\/revisions"}],"predecessor-version":[{"id":277639,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/posts\/277633\/revisions\/277639"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/media\/277634"}],"wp:attachment":[{"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/media?parent=277633"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/categories?post=277633"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/tags?post=277633"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}