• Dapps:16.23K
  • Blockchains:78
  • Active users:66.47M
  • 30d volume:$303.26B
  • 30d transactions:$879.24M

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

user avatar

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.)

0

Rewards

chest
chest
chest
chest

More rewards

Discover enhanced rewards on our social media.

chest

Other news

Countries Push for Dedollarization to Safeguard Economies

chest

A number of countries are actively seeking to reduce their reliance on the US dollar to protect their economies from potential financial downturns.

user avatarElias Mukuru

Bhutan Continues Bitcoin Transfers to Open Market

chest

Bhutan has moved significant amounts of Bitcoin from its government-linked wallets, confirming a trend of selling BTC assets this year.

user avatarDiego Alvarez

Chainlink: Bridging Smart Contracts with Real-World Data

chest

Chainlink plays a critical role by connecting smart contracts to real-world data through decentralized oracles.

user avatarGustavo Mendoza

Solana: The Fast and Affordable Blockchain Solution

chest

Solana offers fast transactions and low fees, making it a strong contender for developers and users.

user avatarMaria Fernandez

Ethereum Continues to Lead in Smart Contracts

chest

Ethereum continues to lead in the smart contract ecosystem, supporting decentralized finance applications and implementing innovative features.

user avatarKenji Takahashi

Ripple's Payment Options Transform Treasury Strategies

chest

Ripple is integrating payment options into treasury platforms, allowing treasurers to choose between traditional and blockchain-based payment methods.

user avatarRajesh Kumar

Important disclaimer: The information presented on the Dapp.Expert portal is intended solely for informational purposes and does not constitute an investment recommendation or a guide to action in the field of cryptocurrencies. The Dapp.Expert team is not responsible for any potential losses or missed profits associated with the use of materials published on the site. Before making investment decisions in cryptocurrencies, we recommend consulting a qualified financial advisor.