Ethena’s collaboration with Bybit enables its USDe stablecoin to be used as collateral for perpetual futures trading. With this partnership, Ethena (ENA) aims for a breakout above $1.03.
Following the announcement, ENA’s price surged to $1.0 earlier today. Currently, ENA is trading 4% higher at $0.902, boasting a market cap of $1.37 billion. Daily trading volumes have spiked by an impressive 45% to $632 million.
Ethena Partners with Bybit for USDe Integration
On Tuesday, May 7, Ethena revealed its collaboration with crypto exchange Bybit to incorporate its USDe stablecoin as collateral for Perpetual futures trading on the platform. This integration aims to provide Bybit users with the opportunity to earn yields and enhance capital efficiency.
USDe, Ethena Labs’ native stablecoin, is hailed as “the first-ever scalable synthetic dollar.” Recently, the platform included Bitcoin as an asset supporting USDe after distributing its governance token, ENA, via an airdrop to eligible users.
The integration of USDe with Bybit will introduce Bitcoin and Ether spot trading pairs with USDe, according to a press release. Additionally, USDe will be accessible on the exchange’s Earn platform, enabling users to leverage their synthetic dollars for Bybit launchpool farming.
Guy Young, CEO and founder of Ethena Labs, emphasized the significance of the integration with Bybit, stating that it represents a significant step in driving use cases for USDe. He highlighted that offering USDe as collateral on Bybit, one of the most prominent derivative venues in the crypto space, will unlock the next phase of growth for USDe. He further emphasized that this move challenges the existing stablecoin dominance with a tailored product designed for crypto-native users.
Ethena (ENA) Price Movement Analysis
In early April, the Ethena (ENA) price experienced a remarkable surge, climbing to $1.50 within a week, capturing investors’ attention. However, in the subsequent weeks, the price retraced significantly, dropping nearly 50% to $0.80.
Recently, Ethena has resumed its upward trajectory, aiming to break past the $1 mark. Arthur Hayes, CEO of crypto exchange BitMEX, has predicted that the ENA price could rally further to $10.
At present, the ENA token has retraced below the crucial support level at $0.9425, previously reached on April 29th, while maintaining a slight position above the 50-period moving average. Consequently, the current outlook for the token remains neutral. Key support and resistance levels to monitor are at $0.85 and $1.03, respectively.
Important: Please note that this article is only meant to provide information and should not be taken as legal, tax, investment, financial, or any other type of advice.
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