Ethena Labs, an artificial stablecoin startup, has incorporated Bybit for building on its USDe token as a collateral asset on the crypto exchange.
Further backing of USDe will enable users to conduct trading perpetuals and generate yield on Ethena. It stands at $15.3%, and zero-fee trade on bitcoin and ether spot trading. Users of Bybit will also incorporate the token into the Earn platform.
Ethena’s conventional token, ENA, has increased by 1.5% and stands at $0.97, having a market cap to the tune of $1.3 billion. 5% of the complete quantity of ENA was airdropped, targeting initial acceptors and collecting a $1 billion market cap on the initial day. The project has initiated its sats campaign.
The incorporation will be fuelling the stablecoin fight, which recently went sky-high due to PayPal allowing PYUSD for beyond shores payments and Ripple exhibiting its stablecoin.
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Ethena is following in the footsteps of the achievements related to two prime stablecoins, USDT and USDC, responsible for 90% of the $160 billion stablecoin market cap.
The growth of USDT and USDC is connected with its usage in the form of money on centralized exchange platforms in prime trading pairs. Bringing USDe to the pairs is the initial stage in the increasing acceptance, over and above DeFi, within the liquid trade options.
Positioning USDe on Bybit is beneficial for the ecosystem. It is behind Binance with $3.6 billion and a monthly amount of $39.1 million. Incidentally, Ethena is on an upward trend.
The ecosystem of Ethena is witnessing a downslide after it was introduced sometime in the middle of February 2024. It had a 27% yield on its stablecoin, only to fall to 15%, activating PTSD problems related to the Terra fiasco.
Ethena’s artificial stablecoin, USDe, supports the token for $1, with ETH staked on Lido and hedging stETH with ETH placings on centralized exchanges.
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Following the airdrop, USDe stands in the 5th position. It furthered its market capitalization of $2.4 billion by 20% towards the beginning of April. It was also a time when it brought in Bitcoin as a collateral asset for USDe. It now stands at $2.29 billion.
