Deribit to Integrate Ethena’s USDe as Margin Collateral; ENA Price Jumps 20%
Highlights:
- Deribit plans to integrate Ethena’s synthetic dollar, USDe, as margin collateral.
- Users will earn rewards for holding USDe and can utilize it in a cross-collateral pool.
- ENA token surges 20% amid a broader crypto market rally.
Deribit, the leading crypto derivatives exchange, announced plans to incorporate Ethena’s synthetic dollar, USDe, as rewarding margin collateral. The integration will allow users to earn rewards for holding USDe and to use it as collateral in a cross-collateral pool. This feature is expected to launch in early January, pending regulatory approval.
Collaboration Between Deribit and Ethena
The integration of USDe aims to enable advanced structured product use cases that are not currently feasible with traditional stablecoins on centralized exchanges, according to Ethena Labs founder Guy Young. He emphasized that this partnership could position Deribit as a primary venue for USDe applications, given its dominance with an 85% share in the options trading market.
Currently, USDe is available as margin collateral on platforms like Bybit, Bitget, and Gate, enabling users to participate in single or multi-exchange derivatives strategies while earning rewards.
ENA Token Price Soars
Following the announcement, Ethena’s governance token, ENA, surged by over 20% in 24 hours, reaching $0.62 with increased trading volume. This spike reflects heightened interest from traders.
Recent Developments by Ethena
Ethena recently proposed incorporating Solana and its liquid staking derivatives (BNSOL and bbSOL) as reserve assets for USDe. The company also integrated sUSDe into Aave, allowing for borrowing opportunities and APYs of up to 30%.
