Ethena Integrates USDe on Solana

Bittime - Ethena Labs has integrated the USDe stablecoin into the Solana blockchain. This marks a major step in expanding its ecosystem. 

With support from LayerZero Labs Omnichain Fungible Token (OFT), this integration allows Solana users to not only make transactions with USDe but also earn incentives using Ethena's native reward token, sUSDe.

This move is especially significant considering the current stablecoin situation on Solana, where more than 90% of the $3.5 billion stablecoin supply does not provide an opportunity for users to earn rewards. 

This new method introduced by Ethena Labs changes the way stablecoins can be used on the Solana network, while opening up new opportunities for users to interact with this ecosystem.

SOL as USDe Supporting Asset

One of the most prominent aspects of this integration is the plan to make SUN as a USDe supporting asset. This proposal will be submitted for governance approval next week, and if approved, this move will significantly increase USDe's scalability. 

Leveraging $2-3 billion in open interest on major exchanges, USDe is poised to become more integrated into the Solana ecosystem. 

Apart from this, Ethena Labs has also introduced various opportunities for users to earn Satoshis (Sats) on Solana, starting on August 5. 

Integration with partner protocols such as Kamino, Orca, Drift, and jito It is hoped that it will increase the earning potential of users in the Solana ecosystem, while strengthening Ethena's market position.

Read also: Soon, DOGS Listing will be announced August 14 2024

USDe Resilience Test and Collaboration with Bybit

USDe recently underwent a major stress test with redemptions reaching around $100 million, which shows strength synthetic dollar Ethena and its ability to withstand market pressures. 

Additionally, Ethena Labs' latest collaboration with Bybit allows users to earn up to 20% APR on USDe collateral, making it one of the most attractive assets for traders and investors.

Meanwhile, Athena's original token, This one, has risen 8.79% in the last 24 hours to $0.3046, with a daily trading volume of $50.69 million. 

SUN also traded at $156.77, up 1.92% in the same period on a daily trading volume of $4.78 billion.

Conclusion

The integration of USDe on Solana by Ethena Labs opens up new opportunities in the crypto ecosystem, especially on the Solana network. 

With new earning opportunities and support from assets such as SOL, USDe is poised to become an important part of this ecosystem, while the collaboration with Bybit adds to its appeal as a profitable asset for traders and investors.

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