The Ethena community, which runs a stablecoin called USDe, is thinking about adding Solana to the assets backing their coin. They want to use Solana in a similar way they already use Bitcoin and Ethereum.
Solana as a Reserve Asset
The proposal suggests using Solana perpetual futures, which are like contracts that allow people to bet on the price of Solana going up or down. They would also add liquid-staked Solana, which is a way to earn rewards by locking up your Solana tokens.
More Open Interest, More Growth
The idea is to unlock billions of dollars in open interest, which is basically the total value of bets on the price of Solana. This would help Ethena grow USDe, which is currently worth about $2.5 billion.
Potential Benefits
Adding Solana could help Ethena earn more money through fees on Solana futures. It could also help them attract more users and grow their stablecoin.
Disclaimer: This information is for educational purposes only and should not be considered investment advice. Always do your own research before investing in any cryptocurrency.
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