Ethena Labs, the team behind the USDe stablecoin, is in the news today after its integration with Solana's blockchain on 7 August...
That’s not all though as Solana’s native token, SOL, will now be used as a backing asset for USDe, pending approval from governance proposals.
This hike in scalability is crucial for the stablecoin market, as it provides more liquidity and stability, making USDe a more robust and reliable option for users.also means it can now be used on several decentralized finance applications on the Solana network. These include Kamino Finance, Orca, Drift, and Jito. Users can provide liquidity to these platforms or use USDe as collateral for margin trades.
On the contrary, Drift provides a decentralized derivatives trading platform, while Jito focuses on providing advanced trading tools and analytics.
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