1 day ago
6
Ethena, the decentralized stablecoin protocol behind the synthetic dollar USDe, has entered into a pivotal partnership with Derive, a leading on-chain options protocol.
The collaboration, announced on Dec. 3, marks a significant step in expanding both platforms’ reach and functionality within the decentralized finance (DeFi) ecosystem.
As part of the partnership, Derive will integrate USDe as collateral on its platform, enabling traders to leverage the stablecoin for a variety of decentralized options and structured products.
This move enhances USDe’s utility while fostering deeper liquidity across the Ethena Network.
Conversely, Ethena will gain access to Derive’s advanced options trading capabilities and structured products.
These tools will enhance liquidity and support USDe composability across the broader DeFi landscape, benefiting users of Ethereal, Ethena’s USDe-powered decentralized spot and perpetual trading platform.
Excited to announce @derivexyz, the largest onchain options protocol, is partnering with @Ethena_Labs and joins the Ethena Network alongside @etherealdex. Derive is building options & structured products on USDe, leveraging Ethena liquidity and USDe composability to uniquely…
In this case, Ethena is set to integrate Derive, formerly Lyra,’s key market features, including basis trading, options, and futures to bring further opportunities to its users.
USDe employs basis trade – the hedged cash-and-carry strategy – to keep its $1 peg.
Derive will also offer ENA holders access to vaults, which allows sUSDe holders to earn rewards by leveraging both Ethena’s staking yields and Derive’s structured products.
“sUSDe can be used as collateral on Derive, allowing users to earn significant rewards while expressing views on BTC, ETH, SOL, amongst other assets.
Derive has also built a structured product vault for sUSDe, which allows users to earn additional rewards on top of the over 17.5% annualized rewards,” Ethena Labs wrote in a blog post.
sENA holders to receive DRV tokens
As part of the collaboration, the Ethena Foundation has announced a multi-million dollar grant to the Lyra Foundation.
The grant will help boost Derive. Moreover, holders of staked ENA tokens, or sENA, will have the opportunity to join and participate in Derive DAO, receiving 5% of the supply of DRV, the native Derive.
Overall, the DeFi platforms’ partnership aims to create new opportunities for ENA and DRV holders, including unique yield, transparent execution, and institutional integration.
Ethena and Derive aim to provide access to a capital-efficient ecosystem across the decentralized finance space.
ENA price today
ENA price traded positively following the news, with bulls looking to break above $1.
The altcoin last hovered above the mark in June as bears pushed bulls off their perch – the all-time high of $1.52 reached in April 2024.
Ethena has a total value locked of over $4.7 billion, according to data from DeFiLlama.
The TVL has increased from lows of $2.4 billion in mid-October, coinciding with ENA’s price surge.
In the past month, the Ethena governance token’s value has spiked 134%. ENA is up nearly 40% in the past week.
The post Ethena and Derive join forces to expand DeFi ecosystem with USDe collateral appeared first on Invezz
English (US) ·