Ethena expands USDe to equity investors as it overhauls ENA tokenomics and seeks to reignite ecosystem growth.
Ethena expands USDe yield engine beyond crypto while overhauling ENA tokenomics as momentum returns to the ecosystem.
What’s the scoop?
- From HyENA to actions: Ethena is expansion of USDe basis trade in stocks just like HyENA, the USDe-margined HIP-3 exchange that it supported, stopsstifled by Hyperliquid’s growing alignment with USDC. All HyENA markets will be closed by September 2.
- The ENA is undergoing an overhaul: Yesterday, the Ethena Foundation announced a series of changes aimed at strengthening the economic situation of the ENA. He repurchased locked tokens from some seed investors, transferred the intellectual property and economic value of the protocol to the Foundation, delayed the release of the remaining seed investors until October 5, and proposed a ENA fee change this would begin buybacks once the USD supply returns above $7.5 billion.
- Momentum returns: The USD supply has rose above $4 billion over the past month while the ENA has rallied behind the announcements. The token is up around 15% over the past week and counting 100% last month.
David Christophe
692 posts
David is a writer/analyst at Bankless. Before joining Bankless, he worked for a series of early-stage crypto startups and with grants from the Ethereum, Solana and Urbit foundations. He graduated from Skidmore College in New York. He currently lives in the Midwest and enjoys NFTs, but no longer participates in them.
