- Bybit, a leading crypto exchange, is integrating USDe for perpetual futures and BTC and ETH spot pairs, aiming to enhance trader yield and capital efficiency.
- This move positively impacted Ethena Labs’ native token ENA, with some analysts sharing bullish predictions for ENA.
- Notable predictor Arthur Hayes joined the bandwagon, targeting $10 for the altcoin.
Bybit integrates USDe for perpetual futures and spot pairs, boosting Ethena Labs’ native token ENA. Arthur Hayes predicts a bullish future for ENA, targeting $10.
Arthur Hayes Targets $10 for ENA
As reported by CoinOtag, crypto exchange Bybit has partnered with Ethena Labs. The partnership with Ethena Labs includes the integration of USDe into Bybit’s trading infrastructure for use as collateral for perpetual futures. The integration also includes the addition of Bitcoin and Ethereum spot trading pairs. Following the development, BitMEX co-founder Arthur Hayes drew attention to Ethena’s governance token ENA, suggesting it could reach $10.
Integration of USDe into Bybit
Experts anticipate this development to contribute to the use of USDe by enabling diversified trading strategies. It is also predicted to enhance users’ capital efficiency. The integration will also make USDe a spot trading pair with major cryptocurrencies like Bitcoin and Ethereum, expanding its scope and benefits within the crypto trading community. Besides being used as collateral, USDe will join Bybit’s Earn product for launchpool farming, providing users with more ways to earn returns from their crypto assets. This move is expected to attract a broader user pool to the platform, both new and experienced investors.
Altcoin Price Performance
The altcoin responded positively to the news. Following this move, ENA recorded a significant price increase. According to CoinMarketCap data, ENA rose to $0.99 within the day. The token’s trading volume in the last 24 hours increased by about 25%, exceeding $530 million. The altcoin currently ranks 63rd in market value. The collaboration and Hayes’ prediction attracted significant interest from both investors and speculators regarding the potential growth of ENA’s value. The integration of USDe with Bybit increases the visibility and usage of USDe, making it a strong competitor in the stablecoin market dominated by other currencies like USDT.
Conclusion
The integration of USDe into Bybit’s trading infrastructure and the bullish prediction for Ethena Labs’ native token ENA by Arthur Hayes has stirred interest in the crypto community. This development not only enhances the visibility and usage of USDe but also indicates a promising future for ENA. However, investors should tread carefully, considering the volatile nature of the crypto market.
