1 day ago
DeFi protocol Ethena announced Tuesday a caller concern with Derive.xyz, the world's starring on-chain options and structured products platform, featuring a multi-million dollar concern to heighten liquidity and thrust maturation for some protocols.
Under the partnership, Ethena volition integrate Derive's ground trading, options, futures and vaults, leveraging Ethena's USDe stablecoin and staked USDE to boost liquidity and trading volume, the property merchandise shared with CoinDesk said.
Ethena volition statesman its ground trading connected Derive’s perpetual markets, pending support from the Ethena Risk Council. That's expected to boost volumes and liquidity connected Derive, bolstering Derive users' quality to execute ample orders astatine unchangeable prices. In conjunction with this, the Lyra Foundation, which oversees the Derive protocol, volition person a multi-million dollar assistance from the Ethena Foundation, and staked ENA (sENA) holders volition beryllium rewarded with 5% of the DRV tokens granted to the Ethena Foundation. The ENA token is simply a governance token for the Ethena ecosystem.
“Integrating Ethena’s immense liquidity and beardown idiosyncratic basal with Derive.xyz’s unparalleled derivatives protocol not lone unlocks important opportunities for Derive.xyz users, but besides positions it arsenic the premier on-chain derivatives platform," Nick Forster, Founder of Derive.xyz, said.
"Together, we are mounting caller standards successful DeFi, offering innovative solutions that cater to some retail and organization traders. Get acceptable for the adjacent procreation of groundbreaking on-chain derivatives, liquidity, and fiscal products," Forster added.
Derive said it's integrating USDe arsenic collateral, allowing users to commercialized portion simultaneously earning a passive yield. Ethena's USDe is simply a synthetic dollar, which uses a hedged cash-and-carry strategy, besides known arsenic the ground trade, and collateralized stablecoin to support the $1 terms peg.
The on-chain derivatives protocol is besides debuting vaults for staked USDe (sUSDe) holders, enabling them to load up connected reward by combining Ethena's staking yields with Derive' structured merchandise strategies.
Ethena has implicit $4 cardinal successful TVL arsenic of writing, with implicit 300,000 users and integrations with the largest centralized exchanges similar Deribit and ByBit.
Meanwhile, with a TVL of $79 million, Derive is the world's largest decentralised protocol, facilitating programmable on-chain options, perpetuals, and structured products. It's autochthonal token DRV volition spell unrecorded connected Jan. 15, the protocol spokesperson told CoinDesk.
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