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- Ethena’s partnership with Bybit will allow its USDe stablecoin to serve as collateral for perpetual futures trading.
- ENA price eyes breakout above $1.03.
- The partnership has boosted Ethena’s price and increased trading volumes.
Ethena partners with Bybit, boosting its price and trading volumes. Its USDe stablecoin will serve as collateral for perpetual futures trading, with the ENA price eyeing a breakout above $1.03.
Ethena’s Partnership with Bybit
On Tuesday, May 7, Ethena announced its partnership with crypto exchange Bybit. This partnership will integrate Ethena’s USDe stablecoin as collateral for perpetual futures trading on the Bybit platform. This integration will allow Bybit users to earn yields and unlock greater capital efficiency. The announcement has led to a surge in Ethena’s price and trading volumes.
Impact on ENA Price
Following the announcement, the Ethena (ENA) price surged to $1.0. As of press time, ENA is trading 4% up at $0.902 with a market cap of $1.37 billion. Daily trading volumes have also surged by a staggering 45% to $632 million. The ENA price faces a strong resistance at $1.03, and crossing this threshold will trigger the next leg of the rally.
USDe Stablecoin Integration
USDe is Ethena Labs’ native stablecoin, hailed as the first-ever scalable synthetic dollar. Last month, the platform incorporated Bitcoin as an asset supporting USDe. The integration of USDe with Bybit will introduce Bitcoin and Ether spot trading pairs with USDe. Additionally, USDe will be available on Bybit’s Earn platform, allowing users to utilize their synthetic dollars for Bybit launchpool farming.
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Conclusion
The partnership between Ethena and Bybit is a significant step in driving use cases for USDe. It offers USDe as collateral on Bybit, one of the most important derivative venues in crypto, unlocking USDe’s next wave of growth. This partnership has boosted Ethena’s price and trading volumes, with the ENA price eyeing a breakout above $1.03.
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