The native token of the synthetic dollar protocol developed by Ethena (ENA) increased by over 45% this week as the project launched several new offerings.
Ethena aims to deliver a crypto-native solution for currency that does not depend on conventional banking infrastructure, utilizing a synthetic dollar known as USDe.
The protocol also provides a dollar-denominated savings instrument named “the Internet Bond.”
Currently, ENA is trading at 0.361, a rise from approximately $0.248 just a week ago. The cryptocurrency ranks 115th by market capitalization and has increased by more than 14% in the last 24 hours.
This Tuesday, Ethena announced its partnership with the Ethereum (ETH) restaking protocol EigenLayer (EIGEN) is now operational.
Ethena explained earlier this month,
“We are thrilled to announce that Ethena has teamed up with EigenLayer and Ether.fi to introduce USDe as the inaugural dollar-denominated token eligible for use as security within its generalized shared security platform.
Enhancing restaked collateral to include dollar-denominated underlying assets expands the possible applications for Actively Validated Services (AVS) that favor less volatile collateral. Previously, only ETH-based assets were permitted as collateral for staking.”
On Thursday, the synthetic dollar protocol also launched UStb, a new stablecoin product fully backed by BlackRock’s USD Institutional Digital Liquidity Fund (BUIDL).
BUIDL represents BlackRock’s first tokenized fund, which invests in cash, U.S. Treasury bills, and repurchase agreements.
“This will serve as a distinct product separate from USDe, providing users and exchange partners with a new offering that has a different risk profile compared to USDe.”
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