- BitMEX co-founder Arthur Hayes predicts ENA to reach $10 as Bybit integrates Ethena Labs’ USDe for perpetual futures and BTC/ETH spot trading pairs.
- Bybit’s integration of USDe aims to enhance trader yield and capital efficiency.
- ENA surges 4.08% post-integration, with a trading volume of $436M and a market cap of $1.42B, ranking 63rd globally.
Arthur Hayes predicts a bullish future for ENA as Bybit integrates Ethena Labs’ USDe for perpetual futures and BTC/ETH spot trading pairs, pushing ENA’s market cap to $1.42B.
Arthur Hayes’ Bold Prediction for ENA
BitMEX co-founder Arthur Hayes has made a bold prediction regarding ENA, the governance token of Ethena, suggesting it could reach $10. This forecast aligns with the recent declaration that Bybit, a cryptocurrency exchange, will adopt USDe, the synthetic dollar produced by Ethena Labs, as a collateral asset. The integration involves adding Bitcoin and Ether spot trading pairs, which could have a meaningful influence on its market dynamics and adoption.
Integration of USDe on Bybit
Ethena Labs’ partnership with Bybit has included the integration of USDe into Bybit’s trading infrastructure to be used as collateral for perpetual futures on the platform. This development is expected to contribute to the utility of USDe through the enablement of diversified trading strategies and enhance users’ capital efficiency. The integration will also bring USDe in spot trading pairs with major cryptocurrencies such as Bitcoin and Ether, thus expanding its coverage and utilities within the crypto trading community.
ENA Price Trend
After the news was released, the market reacted positively, with ENA recording a significant price appreciation. According to real-time data from CoinMarketCap, ENA’s price today is $0.935793, with a 24-hour trading volume of $436,359,986. Ethena’s token is up 4.08% in the last 24 hours, and it holds the 63rd position in market capitalization rankings, currently valued at $1,422,697,071.
Conclusion
The integration of USDe with Bybit improves the visibility of USDe and its use. It makes it a strong competitor in the stablecoin market that has been dominated by other currencies like USDT. This partnership will help to draw more users and the USDe as stablecoin and trading asset ecosystem will expand. At present, USDe is also traded in some of the biggest crypto exchanges, such as Binance, Deribit, OKX, and Bitget. A 7% portion of collateral is held by Bybit only, but the use of such an initiative and pioneering its implementation can cause the adoption of such initiatives and cooperation only among other platforms.
