Is USDe's next step to become collateral for a decentralized perpetual contract exchange?
A few days ago, Ethena introduced a new proposal: to integrate Hyperliquid into the Ethena ecosystem, becoming the platform for executing contract hedging trades on Ethena.
*Note: Hyperliquid currently accounts for approximately 40% of on-chain perpetual contract trading volume.
This proposal seems to be a win-win situation for both Hyperliquid and Ethena.
First, I believe the most crucial point is:
USDe will be integrated into Hyperliquid L1, which means that Hyperliquid has a better chance of further integrating USDe as its collateral, thereby enhancing the use cases and demand for USDe.
In addition, for the Ethena project, moving the hedging trading venue to an on-chain platform is also one of the effective ways to hedge the risks of centralized exchange platforms.
Moreover, according to the data presented in the proposal, Hyperliquid also has very competitive funding rates, even higher than those offered by exchanges like Binance, which can strengthen the revenue capability of the Ethena project.
In summary, the author believes that what is relevant to ordinary users is that the functionality of USDe will be enhanced.
However, compared to USDe, what I am currently more looking forward to is when the new product UStb will be launched?
After S1 and S2, the returns brought by USDe have stabilized (currently, the annualized yield of USDe on Pendle in Mantle and Arbitrum is less than 10%).
Let's look forward to the hype and the potential revenue opportunities when the new product UStb is launched!
Feel free to leave a comment about your thoughts on this proposal!
*Partners participating in Ethena's third quarter airdrop, don't forget to fill in the referral code section with: "eu54u"
*The above content does not constitute investment advice. Please operate according to your own risk tolerance and participate in the investment market cautiously, DYOR.
*Attached image taken from Hyperliquid's official website
