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Cryptocurrency News Articles
ENA Price Surges 20% as Ethena Network Proposal Promises to Integrate Ethereal DEX
Oct 01, 2024 at 05:22 am
The recent proposal to integrate Ethereal Exchange with the Ethena Network has stirred significant excitement in the cryptocurrency community
Recent Proposal Stirs Excitement, Impacting Ethena Token Price
A recent proposal to integrate the Ethereal Exchange into the Ethena Network has sparked significant excitement in the cryptocurrency community, leading to notable fluctuations in the price of Ethena’s native token, ENA.
The integration aims to launch Ethereal, a decentralized exchange (DEX) for both spot and perpetual futures trading, directly into Ethena’s reserve management and its native stablecoin, USDe.
Announced on Friday, the proposal, if passed, will see Ethereal become fully integrated with Ethena from launch, providing a fully on-chain venue for managing both spot and derivative positions that back USDe.
The proposal was submitted to the Ethena governance forum on September 29 by an anonymous author known as Fells0x.
According to the proposal, the integration will enhance the utility and demand for USDe, which is currently recognized as the fourth-largest stablecoin by market capitalization, with $2.5 billion, as reported by DeFiLlama.
As part of the integration, 15% of any future Ethereal governance tokens will be allocated to ENA holders. This incentive aims to ensure alignment between the Ethereal team and the Ethena community.
Following the announcement, traders quickly reacted to the potential benefits outlined in the proposal, pushing ENA’s price up by an impressive 20% to a peak of $0.42.
The excitement was also reflected in trading volumes, which surged by 145% over 24 hours, indicating heightened interest and optimism among investors.
In the futures market, ENA futures open interest increased by over 13% within four hours.
However, being in the cryptocurrency markets, there were bound to be some fluctuations, and at press time, ENA was trading at $0.384, which reflects a considerable decline from $0.42.
Despite these recent dips, ENA has shown remarkable resilience, rallying over 81.4% in the two weeks.
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