The native token of the artificial greenback protocol developer Ethena (ENA) surged by greater than 45% this week because the challenge rolled out a number of new merchandise.
Ethena aims to supply a crypto-native answer for cash not reliant on conventional banking system infrastructure through an artificial greenback known as USDe.
The protocol additionally provides a dollar-denominated financial savings instrument known as “the Web Bond.”
ENA is buying and selling at 0.361 at time of writing, up from round $0.248 one week in the past. The One hundred and fifteenth-ranked crypto asset by market cap can be up greater than 14% previously 24 hours.
On Tuesday, Ethena announced that its partnership with the Ethereum (ETH) restaking protocol EigenLayer (EIGEN) went dwell.
Explained Ethena earlier this month,
“We’re excited to share that Ethena has partnered with EigenLayer and Ether.fi to introduce USDe as the primary dollar-denominated token that can be utilized as safety inside its generalized shared safety platform.
Increasing restaked collateral to incorporate dollar-denominated underlying belongings broadens the potential use circumstances for Actively Validated Companies (AVS) preferring much less unstable collateral. Beforehand, it was solely attainable to make use of ETH-based belongings as collateral for staking.”
On Thursday, the artificial greenback protocol additionally rolled out UStb, a brand new stablecoin product absolutely backed by the asset administration big BlackRock’s USD Institutional Digital Liquidity Fund (BUIDL).
BUIDL is BlackRock’s first tokenized fund that invests in money, U.S. Treasury payments and repurchase agreements.
Explains Ethena,
“This may exist as an remoted product separate from USDe providing customers and alternate companions a brand new product with a differentiated threat profile to USDe.”
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