• 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

K Bank Partners with Ripple for Blockchain Remittance Testing

chest

K Bank has entered a strategic partnership with Ripple to explore blockchain-based overseas remittances.

user avatarMiguel Rodriguez

Market Expert Analyzes XRP's Potential Rally

chest

Market expert Sam Daodu analyzes the critical factors for XRP's potential rally towards $10, emphasizing the need for regulatory clarity and institutional investment.

user avatarLuis Flores

Divergence Between SP500 and Crypto Market Raises Concerns

chest

The report by Will Taylor from The Weekly Insight notes a significant breakdown in correlation between the SP500 and total crypto market capitalization over the last 161 days, raising concerns about potential market shifts.

user avatarArif Mukhtar

Ethereum Surpasses 2,300 Amid Record Active Addresses

chest

Ethereum's price has climbed back above 2,300, with a notable increase in active addresses reaching an all-time high.

user avatarMaria Gutierrez

Rising Channel Pattern Emerges for Bitcoin

chest

A key Rising Channel pattern has formed on the Bitcoin 4-hour chart, indicating a potential uptrend.

user avatarAndrew Smith

Reflecting on 15 Years of Bitcoin Since Satoshi Nakamoto's Introduction

chest

Reflecting on the legacy of Bitcoin's creator, Satoshi Nakamoto, as the 15th anniversary approaches, highlighting the importance of his untouchable holdings and the need to carry forward his vision within the community.

user avatarDavid Robinson

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.