Ethena Rises on New Solana Proposal in DeFi

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2 hours ago

Bitcoin began the week with a rise, leading to movements in altcoins. Among them, Ethena (ENA) stood out, as it rose in light of a proposal to add Solana to its reserve assets to support USDe.

Cryptocurrency Market Dynamics

Bitcoin commenced the week on a positive note, which affected altcoins movement. During this period, some, including Ethena (ENA), showed significant growth of 17.7%.

Proposal to Integrate Solana

The Ethena community proposed adding Solana and its derivatives (BNSOL and bbSOL) as reserve assets to support USDe. This aims to diversify the asset pool backing USDe, enhancing its success in the DeFi space.

This proposal proposes that USDe’s backing be allocated to SOL using the same hedging mechanism that Ethena already implements in its Bitcoin and Ethereum futures.CITE_W_A

Features and Differences of USDe

USDe is a synthetic stablecoin that differs from Tether or Circle, being not backed 1:1 by fiat assets. It maintains its $1 peg by collateralizing other stablecoins and utilizing a hedge.

The rise in Ethena amid Solana proposals indicates potential shifts in company strategy and further developments in the DeFi sphere. The proposal is currently pending approval.

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