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Ethena Governance has launched a proposal to create a decentralized exchange (DEX) for USDe.
According to Ethena Labs, a proposal to launch a DEX with a focus on spot trading and perpetual futures is available as of September 30. The main crypto asset on the platform will be the stablecoin USDe.
A new proposal was made on Ethena governance a few hours ago
Ethereal Exchange is requesting the community approval to launch a new spot and perpetual exchange built on USDe and integrated into the Ethena hedging engine and liquidity
Their proposal includes a 15% commitment of…
— Ethena Labs (@ethena_labs) September 30, 2024
Ethereal: New DEX Specifically for Stablecoin USDe
According to the description of the proposal, Ethereal will be a crypto exchange, which is linked to Ethena reserves to provide liquidity.
The proposal also states that 15% of the allocation of management tokens that will be launched on Ethereal will be eligible for ENA coin holders.
Ethereal will run as an appchain on the Ethena Network. The proposal mentions that the platform will be able to process one million transactions per second.
Ethereal is scheduled to launch in the fourth quarter of 2024 if it gets the required number of votes.
ENA’s Price Has Risen More Than 10% in a Day
News that Ethena Network will become a major part of the decentralized exchange Ethereal has pushed ENA prices up.
According to CoinGecko data, the ENA price has risen 11.9% in the last 24 hours. Moreover, the token has gone up significantly over the previous week—45.3%.
On September 23, Ethena was worth $0.27, and by September 29, it rose to $0.37.
A sharp jump in ENA’s price on September 30 took it above $0.40.
USDe Is One of the Top Stablecoins in DeFi
USDe is a stablecoin built on Ethena. According to DeFiLlama data, it is the fourth largest stablecoin by market capitalization in decentralized finance (DeFi) with $2.54 billion.
It is clear that USDe is still far behind giants like Tether (USDT) and USD Coin (USDC), whose market capitalizations are $119.6 billion and $36 billion, respectively. However, the stablecoin may catch up with Dai (DAI), which is in third place in this ranking.
