Ethena Labs Expands Its USDe Stablecoin to the Solana Network
- WBOYOriginal
- 2024-08-08 15:32:21447browse
A Decentralized Finance (DeFi) firm, Ethena Labs has announced the launch of its stablecoin, USDe, on the Solana network as of August 7.
Ethena Labs, a Decentralized Finance (DeFi) firm, announced on Monday the launch of its stablecoin, USDe, on the Solana network.
Previously available only on Ethereum, USDe can now be used on Solana with several decentralized finance (DeFi) apps, including KaminoFinance, Orca, Drift, and Jito.
USDe maintains its peg to the US dollar through backing by Lido Staked Ethereum (stETH) and short positions in Ethereum perpetual futures. This strategy generates yield from Ethereum staking rewards and negative funding rates on short positions.
According to Ethena Labs’ announcement, posted on X, USDe is now integrated into Solana’s DeFi ecosystem. Users can provide liquidity to these platforms or use USDe as collateral for margin trades to earn Ethena Sats, which can be exchanged for ENA tokens at the end of each campaign.
A vote is expected next week to decide if Solana (SOL) can be used as collateral for USDe loans. Ethena Labs plans to introduce SOL short positions gradually due to limited historical data on SOL funding rates compared to Ethereum (ETH).
While supporters of USDe praise its high, relatively safe yield, critics question its long-term sustainability. Ethena Labs founder Guy Young has defended the coin, asserting that its yield is “publicly verifiable” and derived from legitimate sources.
For now, USDe offers a new option for users within the Solana network, aiming to enhance liquidity and borrowing opportunities in the Solana DeFi space.
The expansion onto Solana underscores Ethena Labs’ strategy to broaden USDe’s utility across diverse blockchain ecosystems, offering users more flexibility and integration options within decentralized finance protocols.
This move positions USDe as a versatile stablecoin choice within the rapidly evolving DeFi landscape, aiming to cater to both yield-seeking investors and protocol governance participants alike.
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