Ethena is rapidly gaining attention as a growing crypto project that offers an alternative to leading stablecoins with its “synthetic dollar” token. Following the founder Guy Young’s detailed plans for a new proposal aimed at traditional financial institutions, the token has gained value in digital asset markets.
New Product Offering
In a comprehensive blog post outlining the 2025 roadmap, Young announced that Ethena plans to enter the traditional finance industry with a new product called iUSDe. Expected to launch next month, this product will be a variation of Ethena’s staked stablecoin, sUSDe, and will include a wrapping contract that mandates transfer restrictions at the token level.
The roadmap also includes integration with the popular messaging platform Telegram and the creation of a dedicated Ethena network. According to Young, having sUSDe within Telegram will serve as a mobile neo-bank, allowing users to transfer, spend, and save.
Network Development and Applications
Among Ethena’s ambitions is evolving from a protocol that issues a single asset to an operational network by 2025. This network is expected to reserve certain portions of token supply as airdrops for those staking ENA tokens, similar to Binance‘s BNB token model.
According to published data, institutions like BlockTower Capital, Delphi Venture, CMT Digital, and Galaxy Digital are among the largest holders of ENA. Ethena’s USDe stablecoin has also reached a market value of over $5.8 billion, making it the third-largest stablecoin after Circle’s USDC and Tether’s USDT.
Currently, two applications are reported to be built on the Ethena network. The first is Ethereal, a decentralized trading platform utilizing sUSDe, while the second is Derive, an on-chain options protocol that uses sUSDe as its main collateral asset.
Ethereal is expected to launch its testnet next month, while Derive plans to release its token within the next two weeks.
As Ethena aims to bridge DeFi, CeFi, and TradFi, it plans to provide innovative solutions for traditional financial institutions. These developments are seen as part of the efforts to expand the role of crypto projects in the financial ecosystem.
Disclaimer: The information contained in this article does not constitute investment advice. Investors should be aware that cryptocurrencies carry high volatility and therefore risk, and should conduct their own research.
