Demex Daily #166: Ethena Labs Launches Synthetic Dollar on Blast Layer 2, Enhancing DeFi Capabilities

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Ethena Labs' synthetic dollar, including USDe and sUSDe, is now operational on the Ethereum Layer 2 network, Blast, bringing native yield, lending, and trading features to various DeFi protocols. Six protocols, including ThrusterFi and HyperlockFi, now support these tokens, offering enhanced liquidity and multiplied rewards. The integration also facilitates leveraged farming and borrowing opportunities, as well as ETH bridging via Stargate Finance. This strategic collaboration has significantly increased Blast’s TVL to $2.2 billion. Despite controversy over its high yields and collateralization methods involving stETH and short futures, USDe has become the fourth largest stablecoin by market cap, indicating strong market adoption and resilience amidst critical evaluations of its financial architecture.

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Galxe, a leading web3 onchain distribution platform, announced the launch of Gravity, a Layer 1 omnichain smart contract platform. Gravity aims to simplify and enhance user and developer interactions with web3 by addressing the complexities of cross-chain interactions. It will integrate cutting-edge technologies like Zero-Knowledge Proofs and advanced consensus mechanisms to provide a high-performance, secure, and cost-efficient environment. Set to support 100 million transactions per month, Gravity will be fully integrated into Galxe's existing product suite, improving cross-chain transaction settlements and asset management while maintaining user-friendly processes. The platform will also be fully EVM-compatible, facilitating seamless smart contract interactions. Gravity's rollout will commence with an Alpha Mainnet in June 2024, followed by a full Mainnet launch in Q2 2025.