$ENA Ethena will continue to transform from a single asset issuer to a platform that best utilizes and realizes on-chain financial innovations. Currently, two applications have been announced: the spot exchange Ethereal and the on-chain options and structured products protocol Derive. Ethereal will open its testnet next month, while Derive will launch its token within the next two weeks. These are just the first examples in the entire DeFi ecosystem built on sUSDe, with more examples set to be launched in the first quarter of 2025.