Ethena Forms Alliance With Scroll To Introduce USDe In Their Ecosystem
In Brief
Ethena Labs has partnered with Scroll, bringing USDe into its system to enhance the functionality and autonomy of blockchain-based financial architecture.
An organization is developing a protocol based on Ethereum for a synthetic dollar, Ethena Labs which has announced its collaboration with the Layer 2 network. Scroll This collaboration sees the integration of the USDe stablecoin within the Scroll ecosystem, with the goal of streamlining and bolstering the autonomy of on-chain financial frameworks.
Scroll acts as a scaling solution for Ethereum, prioritizing security while employing advanced scaling technologies and zero-knowledge proofs, thereby adding an additional layer to Ethereum. This strategy aims to boost accessibility, speed, and scalability, allowing for a higher number of simultaneous users than what Ethereum can handle by itself.
USDe represents a synthetic dollar that functions separately from conventional banking frameworks. As a cryptocurrency-native and scalable financial option, it employs delta-hedging with crypto collateral to generate the USDe synthetic dollar, alongside a distinct value-accruing token known as sUSDe.
In a recent post on the social media platform X, Scroll highlighted that both centralized and decentralized finance platforms are grappling with challenges posed by existing stablecoins tied to traditional banking institutions. Ethena's initiative with USDe aims to tackle this issue by decreasing dependency on traditional banks, with the vision of fostering a more robust and resilient cryptocurrency landscape.
Thus, incorporating USDe with Scroll promises quicker transaction speeds, reduced fees, and enhanced security, all while adhering to a decentralized model. This initiative is designed to empower users by granting them open access to stable and secure assets.
Users can now engage with USDe on the Scroll Users on the platform, via NURI and Ambient exchanges, may also have the chance to accumulate Scroll Marks by providing liquidity and lending USDe.
Ethena Labs Collaborates With Lyra To Maximize User Engagement With ETH Gains
Ethena Labs sees USDe as a revolutionary asset that enhances user engagement within the cryptocurrency sector. Unlike conventional stablecoins, USDe brings several advantages, making it a solid choice for investors aiming to navigate the cryptocurrency world without the stress of price volatility.
In February, the platform raised $14 million in a seed funding round spearheaded by DragonFly, Bybit, OKX, and other leading investors. This funding follows earlier support from Binance Labs as part of its Season 6 incubation initiative.
Recently, Ethena Labs forged a partnership in partnership with Lyra to provide users with increased exposure to ETH gains while minimizing the potential risk to their initial investments. This strategic approach allows users to obtain 2.5 times the sUSDe yield during periods of rising ETH prices while retaining the standard yield on sUSDe when ETH values stabilize.
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