#Ethena (#ENA ), which joined BlackRock's BUIDL fund in previous weeks, now has its eyes set on Solana (SOL).
Ethena ($ENA ), which was launched on the Ethereum blockchain, continues its rise with remarkable moves. Decentralized finance (DeFi) project Ethena has taken critical steps for its stablecoin product USDe.
Ethena had previously announced that a stablecoin would be created by BlackRock's real world assets (RWA) fund BUIDL. The stablecoin in question will form the collateral of USDe.
Ethena preferred Solana to support USDe after the BlackRock fund. According to the statements, the provision of collateral for USDe for the purchase of SOL. The Ethena team presented the representation of USDe with SOL as their offer.
Following these developments, ENA increased by nearly 20 percent in the last 24 hours.
Ethena (ENA) Gains Strength with Solana ENAâs recruiting team Ethena Labs has proposed purchasing Solana (SOL) as collateral for USDe. The proposal is expected to be accepted collectively.
If the proposal is approved, Ethenaâs collateral will be BTC, ETH and SOL. The collateral, which will form the treasury of the synthetic stablecoin USDe, will provide risk management.
The Ethena Risk Committee, which operates independently of Ethena Labs, will evaluate the proposal. The proposal will somehow integrate SOL as a collateral asset for USDe. The companyâs initial goal is to hold 100 to 200 million working SOL positions. The proposals also include the use of liquid staking tokens such as BNSOL and bbSOL.
Ethenaâs gradual progress towards overtaking USDe in the ENA price increase was reflected in its native token ENA. The ENA price has increased by nearly 50 percent since October 11.
One of the five altcoins that rose the most today, ENA, created a cup-handle formation on the four-hour price chart.
While the handle phase of the formation in question is complete, analysts are of the opinion that their rise will continue. ENA is expected to rise for 0.5.
