Ethena Labs has received greenlight for USDeFRAX liquid pool to diversify stablecoin yields.
Ethena Labs’ proposal for a Singularity Roadmap, or Singularity Roadmap Plan was approved It has also enabled protocols to be created that create USDeFRAX POL, with a maximum of $250,000,000 on defi stablecoin Curve.
Looking forward USDeFrax Finance and’s Issuer plan to provide dense on-chain liquidity, despite the fact that Ethena Labs product is strikingly similar to Terraform algorithmic stablecoin (UST).
Fantom developer Andre Cronje pointed USDe risks are posed by the peg-system of the asset, which relies on collateralized positions in order to maintain parity between the U.S. currency and the USD. It is similar to UST’s decentralized design which eventually led Terra’s $60billion ecosystem into ruin.
The synthetic dollar creator has now onboarded Bitcoin.BTCKi Young Ju, the founder of CryptoQuant, echoed Cronje’s concern about a possible crypto-contagion. UST and Terraform used BTC to reserve assets before the collapse of defi in May 2022.
Ethena Labs’ USDe crosses $2b market cap
USDe is a defi-stablecoin that has been attracting user interest. crossed Since February, Ethena Labs has issued $2 billion worth of tokens. According to DefiLlama’s report, Ethena Labs only offered their U.S.-dollar-pegged coin on Ethereum mainnet.
This protocol was hit with a loss of $290,000. security exploit The issue was quickly resolved, nearly a full month after the launch. Ethena Labs, which has expanded USDe integration to other platforms after Ethena Labs experts could not identify the vulnerability.
Stablecoin providers airdropped The ENA token, which is the governance token of ENA, offers 750,000,000 tokens free to early participants and supporters.
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Source: crypto.news
