• 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

Conflicting Signals in Bitcoin Market: No Real Rally in Sight

chest

Recent analysis by data analyst CW indicates that key on-chain signals for Bitcoin show no genuine rally has begun, despite short-lived increases driven by speculation.

user avatarLeo van der Veen

XRP Price Approaches Potential Bottom Amid Major Capitulation Event

chest

XRP has recorded its largest realized loss spike since 2022, indicating a potential price bottom and recovery.

user avatarLi Weicheng

Bitcoin Miner Sells 1,300 BTC After 15 Years of Holding

chest

A notable Bitcoin miner sold 1,300 BTC, valued at approximately 750 million, after holding for 15 years, potentially signaling a profit-taking move.

user avatarAisha Farooq

Corporate Treasuries Mark First-Ever Selling Streak in Bitcoin

chest

Corporate treasuries have recorded their first-ever selling streak in Bitcoin, with three consecutive weeks of sales, indicating a shift to bearish market conditions.

user avatarTenzin Dorje

Michael Saylor's Firm Approaches Major Bitcoin Milestone

chest

Michael Saylor's firm is nearing its 100th Bitcoin purchase, continuing a strategy that has been in place since 2020.

user avatarBayarjavkhlan Ganbaatar

Ethereum Set for Major Transformation with New Upgrade

chest

Ethereum's founder, Vitalik Buterin, has announced a new upgrade called Cypherpunk Ethereum, aimed at enhancing privacy and decentralization, with potential long-term growth for the network.

user avatarMohamed Farouk

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.