Demex Daily #214: Ethena Labs Launches USDe Stablecoin on Solana

What’s Interesting Today:

Ethena Labs has introduced its stablecoin, USDe, to the Solana blockchain, previously only accessible on Ethereum. USDe aims to stay equivalent to the US dollar and has been incorporated into various Solana-based DeFi protocols and DEXs such as Kamino Finance, Orca, and Drift Protocol. The use of SOL for securing USDe loans is under consideration, pending approval from ENA token holders. USDe is supported by Lido Staked Ethereum and Ethereum futures market shorts, with yields sourced from staking rewards and negative funding rates. Despite some skepticism regarding the long-term sustainability of its yields, Ethena Labs claims that USDe offers a high, verifiable return compared to competitors like USDC and USDT.

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Metis, an Ethereum layer-2 rollup platform, announced that Hashkey Cloud has passed the Critical Evaluation Group review and is now joining its Decentralized Sequencers network. This marks Hashkey Cloud as the first external client to integrate into this network. This development aligns with Metis' goal of enhancing its platform's decentralization by involving more contributors in network ownership, governance, and economic security through revenue sharing.

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