Synthetic dollar protocol developer Ethena’s native token (ENA) surged more than 45% this week as the project rolled out several new products.
Ethena aims to provide a crypto-native solution for money that is not dependent on traditional banking system infrastructure via a synthetic dollar called USDe.
The protocol also offers a dollar-denominated savings instrument called the Internet Bond.
ENA is trading at 0.361 at the time of writing, up from around $0.248 a week ago. The crypto asset ranked 115th by market cap has also increased by over 14% in the past 24 hours.
On Tuesday, Ethena announced that its partnership with Ethereum (ETH) recovery protocol EigenLayer (EIGEN) has gone live.
Explained Ethena earlier this month,
“We are excited to announce that Ethena has partnered with EigenLayer and Ether.fi to introduce USDe as the first dollar-denominated token that can be used as security within its generalized shared security platform.
Expanding repackaged collateral to include underlying dollar-denominated assets expands the potential use cases for actively validated services (AVS) that prefer less volatile collateral. Previously, it was only possible to use ETH-based assets as staking collateral.
On Thursday, the synthetic dollar protocol also rolled out UStb, a new stablecoin product fully backed by asset management giant BlackRock’s USD Institutional Digital Liquidity Fund (BUIDL).
BUIDL is BlackRock’s first tokenized fund that invests in cash, US Treasuries and repurchase agreements.
Explains Ethena,
“This will exist as an isolated product separate from USDe, providing users and exchange partners with a new product with a differentiated risk profile for USDe.”
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