Drift Protocol Partners with Ethena Labs to Bring USDe and sUSDe as Perpetual Trading Collateral on Solana

The cooperation also emphasizes the utility of USDe and sUSDe as yield-bearing collaterals on Drift, allowing users to earn yields automatically while using these assets as margin for everlasting contracts.

Solana (SOL) has become the latest chain to support Ethena (EHT) native stablecoin, USDe, and supercharged USDe (sUSDe), thanks to a new partnership between Ethena Labs and Drift Protocol. This integration enables Solana users to trade and store their native USDe token, reaping the benefits of Ethena’s native token and earning up to 12% native yield while trading perps on Solana.

The decision to add SOL as a supporting asset for USDe is also significant, as it could potentially generate an additional $2-3 billion in open interest. This increase in open interest is a crucial step in enhancing USDe’s scalability, establishing it as a more stable and reliable asset within the Solana ecosystem.

The partnership also highlights the utility of USDe and sUSDe as yield-bearing collaterals on Drift, enabling users to earn yields automatically by using these assets as margin for perpetual contracts. For instance, USDe collateral yields approximately 4.8%, while sUSDe yields around 12%. This design not only optimizes traders’ potential returns but also allows them to borrow and lend on Drift, enhancing the asset’s versatility.

Moreover, the longer a trader holds onto these assets, the greater the benefits in the form of Sats, Ethena’s native rewards. Specifically, holding USDe earns users 20 Sats each day, while sUSDe earns 5 Sats per day. This incentive scheme encourages traders to maintain their holdings over time, boosting their overall profit. Ethena Labs has also set up a website for users to track their points, and upcoming Drift deposits will be rewarded with Fuel, adding another layer of incentives for traders.

On the other hand, CNF reported that Ethena Labs has partnered with Bybit to offer up to 20% APR on USDe collateral. This integration with Bybit enables fee-free trading and daily rewards, making it a valuable offering for both traders and investors.

In other news, we previously covered Lyra Finance’s partnership with Ethena Labs to offer leveraged ETH exposure without the initial capital risk. Ethena Labs’ USDe stablecoin adds utility with Cloudbet, Bybit integrations

Meanwhile, Ethena Labs’ native token, ENA, is also showing signs of recovery. At the time of writing, ENA is trading at around $0.3399, up 7.62% in the last 24 hours with a daily trading volume of $48.86 million.

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