Company behind the USDe synthetic dollar protocol on the Ethereum network, Ethena Labs (ENA), unveiled a new collaboration with the cryptocurrency exchange Bybit. This partnership entails the integration of USDe as a collateral asset for trading perpetual futures for all assets in Bybit’s Unified Trading Account (UTA).
Additionally, the integration will introduce Bitcoin and Ethereum spot trading pairs paired with USDe. Moreover, USDe will be introduced on the exchange’s Earn platform, allowing users to utilize the synthetic dollar for Bybit launchpool farming.
In addition to the integration, USDe held on Bybit, whether it remains unused in the user’s account or is employed as margin collateral, will earn 20x sats per USDe, in addition to potential yield from Bybit. Consequently, Bybit users will have the opportunity to take either long or short positions on cryptocurrency assets through perpetual futures, such as BTC or ETH, while potentially earning yield from the exchange and simultaneously receiving sats.
With the integration of USDe, Bybit users can now potentially accumulate value on their USDe collateral when margining perpetual futures on the platform. Earning a yield on the collateral asset enhances capital efficiency for users, allowing them to offset funding costs by merely holding the collateral, margining the position.
Excited to share one of the most important developments for USDe adoption to dateUSDe will be integrated into @Bybit_Official:i) Collateral to trade perpetuals while potentially capturing yieldii) BTC and ETH spot pairs with zero trading feesiii) Within the Earn platform pic.twitter.com/zDDO2WdeNf
— Ethena Labs (@ethena_labs) May 7, 2024
Ethena Labs Integrates Bitcoin As Backing Asset For USDe And Conducts Community Airdrop Of ENA Token
Ethena Labs focuses on the advancement of the USDe stablecoin, which functions on the Ethereum platform and is backed by derivatives. The strategy employed by USDe to maintain price stability involves “delta-neutral” hedging across both centralized and decentralized platforms. This stability approach is facilitated by combining a long-staked Ethereum (ETH) position with a short ETH position.
Recently, Ethena Labs incorporated Bitcoin as an asset backing for USDe subsequent to distributing its governance token, ENA, through a 750 million token airdrop, which represents 5% of its total supply of 15 billion to eligible recipients.
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