Ethena ESA token on USDe integration on derbit rallies
Deribit, one of the world's largest cryptocurrency exchanges, plans to integrate Athena's synthetic dollar USDe (USDe) as a margin bond.
As part of the integration, Derbit will allow users to earn rewards for holding USDe and use it as a margin hedge for derivatives in a collateralization pool, he said. The company announced on November 22.
According to Deribit, the exchange targets to include USDe in its securities pool from early January pending regulatory approval.
The combination opens up “completely new structured product use cases.”
According to Etena Labs founder Guy Young, the upcoming merger will open up “completely restructured product use cases” with “vanilla stablecoin collateral” already available on centralized cryptocurrency exchanges.
“With over 85% market share in the options space, I expect this to be one of the most important areas for USDe issues in the next few months for traditional finance and crypto-native business entities,” Yang said.
Athena Labs founder Guy Young commented on Deribit's plan to integrate USDe as a paying margin asset. Source: G | Athena
In addition to Derbit, some crypto exchanges such as Bitgate and Gate have been integrating USDe as a margin holder, Etena said.
Etena's ESA showed a 13 percent increase in news coverage.
In the year Launched in 2023, Etena is a decentralized stablecoin protocol that offers USDe, which is a synthetic dollar or digital financial instrument that mimics the value of the US dollar without being directly backed by physical dollars.
Instead, the USDe is backed by delta-hedging derivatives on the perpetual and futures markets, making it completely decentralized.
Related: Athena Receives Proposal for ENA Token Fee Sharing
In addition to USD, Etena also operates its own Etena (ENA) token, the token of governance within the Etena ecosystem, which has seen significant growth over the past few months.
Athena (ESA) 30-day price chart. Source: CoinGecko
Amid Deribit's US dollar merger announcement, the Athena Ena token extended its gains, with ESA rising roughly 13 percent on the day to $0.63, according to CoinGecko data.
With the newly added value, Etena's ENA has increased approximately 70% over the past 30 days at the time of writing.
In September, Athena Labs announced its new stablecoin project, USTB, which will be developed in partnership with major Bitcoin investor BlackRock and digital securities platform Securities.
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