The Ethena Labs community is set to vote on a proposal to integrate Ethereal, a decentralized exchange built on USDe, into its reserve management system.
Proposal Overview
The proposal, submitted by 'Fells0x' on Sept. 30, seeks approval for Ethereal to manage spot and perpetual futures positions backing USDe. In return, ENA token holders stand to receive 15% of any future Ethereal governance tokens should the proposal pass.
Expectations from Ethereal V1
Ethereal V1, expected to launch on testnet in Q4, aims to deliver centralized exchange-level performance while maintaining complete self-custody. According to the proposal, the exchange’s architecture will be capable of processing 1 million operations per second with sub-20ms latency.
Additional Synergies and Support
The proposal also outlines potential future synergies, including decentralized lending and borrowing applications built on top of USDe. Pending approval, Fells0x has requested technical support from the Ethena Foundation and Risk Committee to ensure smooth integration of Ethereal into Ethena’s hedging strategies.
The vote is expected in the coming months, though no specific date has been set.
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