As the crypto market faces a sea of red, Ethereal Exchange has introduced a promising integration proposal with Ethena, causing ENA to surge by 20%. The integration aims to enhance the utility and demand for USDe and commits to allocating 15% of any future Ethereal tokens to ENA holders.
Ethereal Exchange Proposes Integration with Ethena
On September 20th, Ethereal Exchange presented a governance proposal on the Ethena forum, seeking approval from the Ethena community to integrate a spot and perpetual exchange based on USDe into Ethena’s risk management and liquidity system. The exchange stated:
“Subject to a satisfactory technical review conducted by the Ethena Foundation and Risk Committee, we seek the Ethena community’s support for the integration of Ethereal as a mechanism for managing risk.”
This integration is expected to significantly boost the usage and demand for USDe. If approved, the proposal would allocate 15% of a potential Ethereal governance token to ENA holders. The Ethena community is actively discussing the mutual benefits and added value of this initiative.
In addition, Ethereal V1 is set to become an L3 EVM appchain on the Ethena network. A testnet is expected in Q4 2024, with a full decentralized exchange (DEX) launch projected for 2025.
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ENA Price Surges Over 20%
Investors have taken note of these developments within the Ethena ecosystem, responding swiftly to Ethereal Exchange’s new proposal. The price of ENA jumped from a daily low of $0.3496 to a high of $0.4206, marking a 20% increase in 24 hours. Over the past week, the token has surged nearly 50%. As of the latest data, ENA is trading at $0.40, up 11% on the day, with trading volume rising by 185% in the last 24 hours, indicating strong interest among traders.
Meanwhile, the derivatives market has also witnessed intense buying activity. According to Coinglass, open interest (OI) for ENA futures rose by over 13% in just four hours, and more than 20% in 24 hours. Major exchanges such as Binance, Bybit, and Coinbase saw substantial trading volume, driving the total ENA futures OI to $190 million.
Ethena Labs Launches UStb
In another key development, Ethena Labs recently launched UStb, a stablecoin fully collateralized by BlackRock and Securitize, offering a differentiated risk profile compared to USDe.
This proposal could bring significant benefits to USDe and offer ENA holders substantial incentives, as reflected in the recent price surge and market enthusiasm.
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