Coinbase Ventures Invests in ENA as Ethena Scales USDe Beyond $1B

Coinbase Ventures Buys ENA arsenic Ethena Targets 100M Coinbase Users

Coinbase Ventures has taken a presumption successful Ethena’s ENA token done an unfastened marketplace purchase, marking a person narration betwixt Coinbase and 1 of the fastest-growing projects successful onchain finance.

Ethena said the concern comes alongside a caller partnership with Coinbase focused connected expanding onchain concern and integer savings products. The archetypal maturation inaugural is expected to motorboat adjacent week and volition marque Ethena products disposable to Coinbase’s idiosyncratic basal of much than 100 million.

Ethena laminitis Guy Young said the tie-up volition enactment Coinbase’s dollar savings products. He besides said changing U.S. legislation, including the evolving Clarity Act, could make further request for onchain products specified arsenic USDe, particularly from idle balances held connected exchanges.

Coinbase Ventures described Ethena arsenic a cardinal subordinate successful onchain concern and said it is looking guardant to deeper collaboration with Coinbase and USDC.

Source: Coinbase

The woody comes aft a engaged period for Ethena. The protocol surpassed $500 cardinal successful full white-label proviso crossed Jupiter, MegaETH, and Sui. It besides launched dedicated Ethena markets connected Jupiter and Kamino Finance, with the combined marketplace size surpassing $1 cardinal wrong days.

Ethena has besides expanded rapidly connected Solana. ENA went unrecorded connected the web done Sunrise DeFi, portion Ethena’s full worth locked connected Solana roseate to much than $500 cardinal from $50 cardinal a period earlier. That made Solana Ethena the second-largest concatenation extracurricular Ethereum.

USDe proviso accrued by much than 15% implicit the past 30 days. USDtb proviso besides climbed backmost supra $1 billion, rising much than 70% implicit the aforesaid period.

Cross-chain enactment has grown arsenic well. Ethena assets person present processed much than $33 cardinal successful transportation volume done Layerzero. Ethereal DEX besides expanded investigating for Ethereal Predict, a USDe-native prediction market that allows users to harvester outcomes into multi-leg positions.

Source: Guy Ethena

Ethena has continued to update its hazard and transparency materials. The task published an investigation of gold perpetual-basis trades arsenic portion of its enactment connected USDe backing diversification. It besides improved its transparency leafage with much details connected reserve backing and released a information station connected the caller rsETH incident.

At the aforesaid time, Ethena has scaled backmost immoderate operations. The squad deprecated USDe and sUSDe bridging connected respective chains, saying it volition absorption information and operational resources wherever enactment is strongest.