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Significant Bitcoin Movement Stemmed from a Newly Listed Altcoin on Binance!

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by Giorgi Kostiuk

2 years ago

Ethena (ENA) developer company Ethena Labs recently announced that Bitcoin will now serve as the collateral asset for its synthetic dollar, USDe.

The project shared that this decision would allow the USDe token to peg to the dollar and increase its scalability by more than 2.5 times. With Ethena nearing $10 billion, this move is expected to offer more robust support and enhance security for users.

In contrast to liquid staking tokens, Ethena Labs expressed that Bitcoin offers a superior liquidity and duration profile for delta hedging, leading to its incorporation as a supporting asset.

Previously, USDe was backed solely by staked Ethereum (ETH) based on Ethena Labs' website. However, there is growing interest among token holders in Bitcoin trading, especially with the significant growth in Bitcoin open interest last year.

While Ethereum's open interest increased by 100% to $10 billion, the surge in Bitcoin open interest by 150% to $25 billion expanded USDe's scaling capacity substantially.

(Disclaimer: This information does not constitute investment advice.)

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