Coinspeaker Ethena Labs Launches on Blast L2 Network to Integrate USDe and sUSDe with More Web3 Protocols
Ethena Labs (ENA), a synthetic dollar protocol that is developed on the Ethereum (ETH) network, has successfully launched on the Blast Layer 2 solution. According to the announcement, the successful launch of the Ethena protocol on the Blast network will enable the mass adoption of the USDe and sUSDe. Furthermore, several web3 projects – led by Thruster, Juice Finance, Hyperlock Finance, Orbit Protocol, Init Capital, and Renzo – are set to offer USDe and sUSDe services.
Immediate Benefits of Ethena Labs Launch on Blast Network
Notably, the Thruster platform will introduce USDe and sUSDe to liquidity provider pools paired with USDB. The announcement indicated that both pools will receive maximum Ethena allocation with 30X Sats alongside Blast Gold and Thruster Credit.
The company further indicated that USDe and sUSDe users who stake on Hyperlock Finance will receive an additional 5X Sats.
Following the successful launch of Ethena Labs on the Blast L2 network, Juice Finance will enable users to borrow up to 3X against their USDB into Thruster and Hyperlock Finance V3 USDe for up to 105x Sats and single-sided deposits up to 20X.
Notably, Ethena Labs users can now supply USDe to borrow on Orbit lending protocol. Users who supply USDe to Orbit Protocol can access up to 4X leverage and be eligible to receive 20x rewards on their positions alongside Blast Gold and Orbit Points.
The successful launch of Ethena Labs on the Blast network will enable leveraged looping of USDe and sUSDe up to 5x via Init Capital.
“Both pools will receive maximum Ethena allocations aligned with our pools on Morpho on Ethereum L1 with 20x and 5x respectively with Blast Gold and 1.5x Init Points,” Ethena Labs noted.
Meanwhile, single-sided deposits of USDe will be made available on Particle Trade which will enable users to earn up to 20X Sats.
Particle 🤝 Ethena
Now stake with $USDe
✦ 5x additional sats staking Thruster LP: https://t.co/6pVmHd2Khk
✦ 20x sats single sided USDe staking: https://t.co/CLTKOqZJJU
Blast gold + Particle points + Ethena sats, happy farming! https://t.co/0I1c5Uyjz7
— Particle (@particle_trade) May 29, 2024
Market Impact
The launch of Ethena Labs on the Blast L2 network is a major leap forward for the web3 industry, particularly in the Ethereum ecosystem. The Ethena USDe has grown in the recent past to mid-cap stablecoins with a fully diluted valuation of about $2.92 billion and an average 24-hour traded volume of around $101 million.
The announcement, however, did not have a direct positive impact on the ENA price action. As of Wednesday during the early New York session, ENA, a mid-cap altcoin with a fully diluted valuation of about $12.8 billion, traded around 84 cents, down approximately 7 percent in the last 24 hours.
As for the Blast network, its total value locked (TVL) which stands around $2.24 billion at the time of this writing is bound to grow exponentially in the coming months.
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Ethena Labs Launches on Blast L2 Network to Integrate USDe and sUSDe with More Web3 Protocols