Solana

DeFi

Ethena

Reserve

<p style="text-align: justify">You can also read this news on BH NEWS: <a href="https://en.bitcoinhaber.net/ethena-chooses-solana-for-usde-reserve-asset" data-wpel-link="internal" rel="noopener noreferrer nofollow">Ethena Chooses Solana for USDe Reserve Asset</a><br></p>
<p style="text-align: justify">The Ethena (ENA) community has made headlines by proposing <a href="https://en.bitcoinhaber.net/solana-price-predictions-can-sol-coin-reach-new-highs" data-wpel-link="internal" rel="noopener noreferrer nofollow">Solana</a> (SOL) as a reserve asset for its synthetic dollar, USDe. This pivotal decision has sparked a notable 17% rise in ENA’s value, bringing it to $0.39 and pushing its market capitalization beyond $1.06 billion.</p>
<h2 style="text-align: justify" id="how-will-solana-strengthen-usde">How Will Solana Strengthen USDe?</h2>
<p style="text-align: justify">The proposal intends to implement Solana as a reserve asset to bolster USDe’s stability. Drawing parallels with past hedging strategies involving <a href="https://en.bitcoinhaber.net/bitcoin-etfs-gain-strong-financial-inflows" data-wpel-link="internal" rel="noopener noreferrer nofollow">Bitcoin</a> (BTC) and Ethereum (ETH), Ethena seeks to diversify the collateral underpinning USDe. This initiative aims to boost DeFi engagement and enhance market liquidity.</p>
<h2 style="text-align: justify" id="what-impact-will-this-have-on-market-liquidity">What Impact Will This Have on Market Liquidity?</h2>
<p style="text-align: justify">Alongside Solana, Ethena has suggested incorporating <a href="https://en.bitcoinhaber.net/binance-faces-uncertainty-in-obtaining-crypto-license-in-hong-kong" data-wpel-link="internal" rel="noopener noreferrer nofollow">Binance</a> Liquid Staked SOL (BNSOL) and Bybit Liquid Staked SOL (bbSOL) into the reserve framework. This strategy is designed to strengthen USDe’s support and improve overall market efficiency.</p>
<p style="text-align: justify">Key points of the proposal include:</p>
<ul style="text-align: justify">
 <li>Ethena launched USDe earlier this year on the Solana blockchain.</li>
 <li>There will be a phased and controlled integration of SOL into the reserve to mitigate risks.</li>
 <li>The aim is to enhance protocol revenue while expanding trading capacity to $2-3 billion.</li>
</ul>
<p style="text-align: justify">The recent developments have positively influenced ENA’s market performance, with an increase to $0.39. Analysts forecast potential price targets of $0.50 to $0.69, and possibly even $1.50 in the near future.</p>
<h5><span style="font-weight:bold;font-size:16px">Continue Reading: </span> <a href="https://en.bitcoinhaber.net/ethena-chooses-solana-for-usde-reserve-asset" data-wpel-link="internal" rel="noopener noreferrer nofollow">Ethena Chooses Solana for USDe Reserve Asset</a></h5>

Ethena Chooses Solana for USDe Reserve Asset

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