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Reading: Ethereal Exchange Proposal Boosts ENA Price by 20%
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Deythere > News > News > Ethereal Exchange Proposal Boosts ENA Price by 20%
News

Ethereal Exchange Proposal Boosts ENA Price by 20%

representing the integration of Ethereal Exchange with the Ethena ecosystem without featuring specific coin symbols. The de
Alessia Moretti
Last updated: September 30, 2024 11:50 am
By
Alessia Moretti
Published September 30, 2024
3 Min Read
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Ethereal Exchange has proposed integrating its spot and perpetual exchange built on USDe into the Ethena ecosystem. This move aims to increase the usage and demand for USDe, while allocating 15% of a potential Ethereal token to ENA holders. Following the announcement, the price of ENA surged by 20%, indicating strong market interest and confidence.

Contents
Ethereal Exchange Eyes Integration with EthenaIncreased Usage and Demand for USDePositive Market ReactionBroader Market ImplicationsFuture Roadmap and Developments

Ethereal Exchange Eyes Integration with Ethena

On September 20, Ethereal Exchange submitted a proposal to the Ethena community for a governance vote. The proposal seeks approval to integrate Ethereal’s spot and perpetual exchanges, built on USDe, into Ethena’s hedge engine and liquidity management system. The goal is to create a fully on-chain platform to manage the underlying spot and derivative positions of USDe.

Increased Usage and Demand for USDe

If the proposal is accepted, the integration is expected to significantly increase the usage and demand for USDe. Additionally, ENA holders would benefit from the allocation of 15% of the Ethereal governance token, providing further incentive for the Ethena community to support the integration. Before making a final decision, the Ethena Foundation and Risk Committee will conduct a thorough technical review.

representing the integration of Ethereal Exchange with the Ethena ecosystem. The design features the Ethereal and Ethena log

Positive Market Reaction

Following the announcement, ENA saw a sharp increase in its market performance. Investors had already shown strong interest following the launch of Ethena Labs’ UStb stablecoin, which is fully collateralized by BlackRock and Securitize. Over the past 24 hours, ENA surged from $0.3496 to a high of $0.4179, marking a 20% increase. Trading volume spiked by 145%, further demonstrating strong market enthusiasm.

Broader Market Implications

The derivatives market also saw significant activity, with ENA futures open interest rising by 13% in just four hours and by over 20% within a day. Major exchanges like Binance, Bybit, and Coinbase experienced a surge in trading activity, with total open interest for ENA futures reaching $190 million. This heightened activity reflects the market’s confidence in the potential benefits of the integration.

Future Roadmap and Developments

Ethereal V1, an L3 EVM appchain designed to settle on the Ethena Network, is also in the works. A testnet is expected in Q4 2024, with the full launch of the DEX planned for 2025. These developments further highlight the strategic importance and long-term feasibility of integrating Ethereal’s exchange into the Ethena ecosystem.

In conclusion, the proposal to integrate Ethereal Exchange with Ethena could significantly boost the utility of USDe while offering substantial rewards to ENA holders. The market’s positive reaction, reflected in the 20% price increase and surge in trading volume, underscores the confidence and optimism surrounding this move. As the community awaits the final decision, ongoing developments promise to reshape the face of decentralized finance within the Ethena ecosystem.

Ethereal Exchange, USDe, ENA, Ethena

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ByAlessia Moretti
Alessia Moretti is a blockchain and cryptocurrency analyst with 7 years of experience in the field. With a strong foundation in economics and a passion for technology, Alessia has been involved in a variety of international blockchain projects, focusing on the development of decentralized applications and financial products. Her work is characterized by a deep understanding of both the technical and economic aspects of blockchain technology. At DT NEWS, Alessia provides readers with in-depth analysis of global blockchain trends and market movements, helping them stay informed about the future of digital finance.
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