In December Ethena raised $25 million by means of a non-public sale of its ENA tokens. Main funding corporations together with Franklin Templeton and F-Prime Capital participated within the spherical.
F-Prime Capital, previously referred to as Constancy Biosciences, is affiliated with FMR Inc. the guardian firm of Constancy Investments by means of Devonshire Traders. Different notable traders within the spherical included Pantera Capital Companions, Polychain Capital and Dragonfly Capital Companions all of which have a powerful observe document of backing progressive blockchain initiatives.
The funds shall be directed to the event of a novel token particularly designed for conventional monetary establishments. Ethena plans to leverage the capital funding to launch its personal blockchain with a view to broaden infrastructure and advance its long-term ecosystem technique.
Ethena Labs at present handle two major digital belongings. The primary is the ENA governance token which has a complete provide of 15 billion tokens with roughly 3.12 billion tokens at present in circulation. The second is USDe stablecoin which has witnessed substantial adoption, reaching a provide of $1.3 billion in the course of the Ethena Shard Marketing campaign.
The corporate lately launched USDtb a brand new stablecoin which is backed by BlackRock’s USD Institutional Digital Liquidity Fund (BUIDL) and holds 90% of its reserves within the fund. USDtb is accessible throughout a number of blockchain networks together with Ethereum, Base, Solana and Arbitrum. The token is designed to bolster the steadiness of USDe, notably in periods of volatility within the markets.
In response to the current $1.4 billion hack on the Bybit change Ethena Labs said that USDe stays absolutely collateralized with its publicity to the corporate believes that crypto belongings are unusable on account of safety breaches. Nonetheless, the corporate maintains their crypto belongings in off-exchange custody to make sure extra safety in opposition to potential threats.
Ethena Plans to Launch iUSDe:
As a part of its 2025 roadmap Ethena is getting ready to launch iUSDe a specialised iteration of its sUSDe stablecoin. iUSDe was developed particularly to reinforce adoption amongst conventional monetary establishments. Whereas just like sUSDe, iUSD can also be anticipated to include extra options such because the wrapper contracts that implement switch restrictions making it notably suited to fixed-income portfolios. The token is anticipated to supply an annual proportion yield of 20% for 2018.
By implementing switch restrictions and forging partnerships with regulated funding managers, Ethena goals to determine a compliant gateway for conventional finance (TradFi) individuals to entry the profitable yield alternatives obtainable inside its stablecoin ecosystem. This initiative represents a major step in bridging the divide between typical monetary markets and the quickly evolving crypto panorama.
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