Ethena (ENA) bullish: First BlackRock, now Solana

Ethena (ENA), which joined BlackRock's BUIDL fund in previous weeks, has now set its sights 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 it would create a stablecoin backed by BlackRock's real-world assets (RWA) fund BUIDL. The stablecoin in question will also form the collateral for USDe.

Ethena preferred Solana to support USDe after the BlackRock fund. According to the statements, SOL will be purchased to provide collateral for USDe. The Ethena team proposed the idea of ​​supporting USDe with SOL.

Following these developments, ENA has increased by nearly 20 percent in the last 24 hours.

Ethena Labs, the team behind ENA, has proposed purchasing Solana (SOL) as collateral for USDe. The proposal is expected to be accepted by the community.

If the proposal is approved, Ethena's collateral will be BTC, ETH and SOL. The collateral that will form the treasury of the synthetic stablecoin USDe will provide risk management.

The Ethena Risk Committee, which works independently of Ethena Labs, will evaluate the proposal. The proposal will gradually integrate $SOL as a collateral asset for USDe. The company's initial goal is to hold a SOL position of $100 to $200 million. The proposal also includes the use of liquid staking tokens such as BNSOL and bbSOL.

The steps Ethena has taken to strengthen USDe have been reflected in the project's native token, ENA. The ENA price has increased by nearly 50 percent since October 11.

ENA, one of the five altcoins that rose the most today, formed a cup-handle formation on the four-hour price chart. While the handle phase of the formation is complete, analysts have stated that the increases will continue. $ENA is expected to increase to $0.5.

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