• 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

Aurora Labs CEO Raises Concerns Over Litecoin Attack

chest

Aurora Labs CEO Alex Shevchenko raises concerns that the recent Denial-of-Service attack on the Litecoin network may have been an inside job, citing the attacker's prior knowledge of a zero-day vulnerability.

user avatarDiego Alvarez

Denial-of-Service Attack Disrupts Litecoin Mining Pools

chest

Denial-of-Service attack disrupted major Litecoin mining pools due to a zero-day vulnerability, but the issue has been patched and the network is operational.

user avatarKenji Takahashi

Admiral Paparo Highlights Bitcoin's Role in National Security

chest

Admiral Samuel Paparo highlighted Bitcoin's significance as a strategic asset for US cybersecurity during a Senate hearing, but faced criticism from the Bitcoin community regarding the military's grasp of the technology.

user avatarMaria Fernandez

Analysts Predict Strong Growth for Nvidia Stock by 2026

chest

Analysts predict Nvidia stock could reach between 250 and 380 by 2026, driven by AI demand.

user avatarRajesh Kumar

Nvidia Stock Price Target Consensus Reaches 26880

chest

The consensus price target for Nvidia stock is currently set at 26880, based on the analysis of 47 analysts tracked by TradingView.

user avatarGustavo Mendoza

Pavel Durov Accuses French Officials of Complicity in Crypto Kidnappings

chest

Pavel Durov accuses French officials of complicity in cryptocurrency-related kidnappings, claiming they sell crypto data to kidnappers and criticizing data security measures.

user avatarMiguel Rodriguez

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.