On Wednesday, Ethena Labs announced that its USDe stablecoin was opening up to a new blockchain by landing on Solana (SOL). On which protocols can we already use the asset?
Ethena deploys its USDe stablecoin on Solana (SOL)
In recent months, Ethena's USDe has managed to make a place for itself in the stablecoin landscape. To date, it occupies the 4th position in this asset class with a capitalization of 3.11 billion dollars.
💡 What is Ethena (ENA)? Everything you need to know about its algorithmic stablecoin USDe
Today, the project continues its development. Thus, USDe opens up to a second blockchain by landing on Solana (SOL) :
USDe is live on Solana as of today, August 7th
Read below for a list of our app integrations with USDe and sUSDe 👇 pic.twitter.com/vik1qESbN5
— Ethena Labs (@ethena_labs) August 7, 2024
Now, the asset will attempt to make a name for itself on a network whose $3.68 billion worth of stablecoins are 70% backed by USDC. To natively move USDe from Ethereum (ETH) to Solana (SOL), Ethena has chosen to adopt LayerZero (ZRO) technology, especially thanks to the Stargate bridge.
Thus, the stablecoin is already available on several protocols of the network, namely the decentralized exchange (DEX) Orca, the retaking application Jito, the derivatives DEX Dift as well as the lending and borrowing protocol Kamino.
👉 Also read – How to leverage decentralized finance (DeFi) with Aave?
For its part, Solana's SOL is trading at $153 per unit for a capitalization of $72.67 billion. On the decentralized finance (DeFi) side, the network records $4.7 billion in total value locked (TVL).
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Since 2021, I have devoted my free time to seriously training myself on cryptocurrencies in order to acquire as much knowledge and credibility as possible. I often have the opportunity to conduct interviews with influential figures in the blockchain industry. I also conduct in-depth analyses on Web3 themes to offer exclusive content to Cryptoast readers.
Vincent Maire
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