Guy Young, the founder of the Ethereum stablecoin protocol Ethena, released the 2025 roadmap "Convergence" on Friday, describing Ethena's achievements in 2024 and its plans for 2025, and said that its next growth will mainly rely on the product Exported to the traditional financial field. The roadmap shows that Ethena’s upcoming products include wrapped token iUSDe, perpetual contracts and spot exchange Ethereal, and on-chain options and structured products protocol Derive.
Young said Ethena will launch a new product, iUSDe, next month, aiming to export sUSDe into the traditional financial sector in a regulated form. iUSDe has the same functionality as sUSDe, but adds a simple wrapper contract that adds some transfer restrictions at the token level so that traditional financial entities can hold and use it.
Ethena will announce the first batch of traditional financial distribution partners for iUSDe in January, with the focus in the first quarter being to work with these partners to enable their customers to fully access iUSDe.
Young also announced the progress of two upcoming new products in the roadmap: one is the perpetual contracts and spot exchange Ethereal built on its own application chain, which integrates sUSDe and a native reward mechanism. Ethena will provide liquidity and hedge capital flows for this exchange. The protocol plans to open the Ethereal testnet next month.
Another new product from Ethena is the on-chain options and structured products protocol Derive, with sUSDe being the core collateral asset of the system. The protocol will launch their tokens within the next two weeks.
Ethena Network Application (Source: Ethena)
After the founder released the Ethena 2025 roadmap, its governance token ENA saw a significant surge, rising over 15% in nearly 4 hours, with a trading price of $1.22 before the deadline.
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