Ethena’s ENA token rallies on USDe integration by Deribit

As a seasoned crypto investor with a knack for spotting promising opportunities, I find Deribit’s decision to integrate Ethena’s USDe as margin collateral intriguing. With my extensive experience in the crypto market, I can tell you that this move is a game-changer, especially when considering the potential use cases it unlocks, as stated by Guy Young.


Deribit, a prominent global cryptocurrency derivatives exchange, intends to add Ethena’s Synthetic Dollar USDe (USDe) as an attractive option for margin collateral.

In the process of integrating, Deribit will grant users the opportunity to receive incentives by holding USDe and utilize it as collateral for derivative contracts within a shared collateral system, according to an announcement made on November 22nd.

As per Deribit, the exchange intends to incorporate USDe into its shared collateral system starting from early January, subject to receiving necessary regulatory clearance.

The integration unlocks “completely new structured product use cases”

As stated by Guy Young, the founder of Ethena Labs, this forthcoming integration will provide opportunities for entirely novel applications of structured products that were previously unattainable on traditional centralized cryptocurrency trading platforms using conventional stablecoin pledges.

According to Young’s statement, given that this platform controls over 85% of the market in the options sector, it is likely to emerge as a key platform for both conventional financial institutions and cryptocurrency-focused traders to explore USDe use cases within the upcoming months.

In addition to Deribit, other cryptocurrency platforms such as Bitget and Gate are also incorporating USDe for margin security, as reported by Ethena.

Ethena’s ENA spikes 13% on the news

Introduced in 2023, Ethena serves as a decentralized platform for a stablecoin named USDe. USDe is essentially a digital representation of the U.S. dollar, not physically backed but designed to mirror its value, functioning as a synthetic version of the greenback.

In my analysis, rather than being directly issued or controlled by a central authority, USDE operates through delta-hedged derivative positions on continuous and future markets. This structure renders it entirely decentralized.

Alongside USDe, Ethena additionally manages its native ENA token, which serves as a governance token within the Ethena system. This token has experienced substantial expansion over the recent months.

In the wake of Deribit’s announcement about USDe integration, I observed a significant surge in the value of Ethena’s ENA token. On that very day, the ENA token experienced a notable increase of approximately 13%, reaching an intraday peak of $0.63, as per data from CoinGecko.

In these past 30 days, Ethena’s ENA has seen a significant increase of approximately 70%.

In September, Ethena Labs unveiled their latest venture – a stablecoin initiative called USTB (United Stablecoin by Ethena). This project will see collaboration with prominent Bitcoin investor BlackRock and the digital securities platform Securitize in its development.

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2024-11-22 16:52