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Cryptocurrency News Articles
Ethena Community to Vote on Integrating Ethereal DEX to Boost USDe Stablecoin, with ENA Holders Receiving Ethereal Tokens if Approved
Sep 30, 2024 at 08:05 pm
A new proposal has been made regarding the governance of Ethena, as the Ethena Labs community is set to vote on a proposal to integrate Ethereal
Members of the Ethena Labs community are set to vote on a proposal to integrate Ethereal into its reserve management system to provide liquidity and enhance demand for USDe.
The proposal seeks the community’s approval to have Ethereal, a decentralized exchange (DEX) built on the upcoming Ethena Network, manage spot and derivative positions backing USDe.
Community members, that is, ENA [NC] holders, will receive a 15% allocation of any future Ethereal governance tokens should the proposal pass.
Ethereal is seeking a means to work closely with the Ethena community to promote the adoption of their stablecoin, USDe, within the DeFi space. They are also requesting the community’s support to integrate Ethereal as a platform for hedging transactions, but this depends on a technical review by Ethena’s team.
They believe that by working together, both Ethereal and Ethena could create a beneficial relationship that would bring value to the community.
“We believe there is potential for a mutually beneficial, symbiotic relationship based on the synergies outlined above that can provide tangible value to the Ethena community.”
Ethereal’s High-Performance Architecture to Support USDe Growth in Ethena Ecosystem
The launch of Ethereal V1 testnet is expected in the fourth quarter. The project can support the deployment of several applications using USDe to unlock features that enhance the main DEX.
Moreover, Ethereal is working towards matching centralized exchange performance while ensuring self-custody and flexibility features, cross-margin, liquidity automation, and portfolio margin. The exchange architectures will be able to handle 1 million operations per second with under 20ms latency, comparable to the fastest exchanges.
“Ethereal is designed to match centralized exchange performance while maintaining complete self-custody and flexibility to support features such as cross-margin, liquidity automation, and portfolio margin. Ethereal’s architecture is capable of processing 1 million operations per second with sub-20ms latency, in-line with the most performant exchanges.”
The contributors to Ethereal include those with decades of experience across the web2, web3, and traditional finance spaces. It will also have contributors from some of the most successful DEX protocols.
The Ethereal Exchange will offer many benefits to the Ethena ecosystem, such as boosting the growth and adoption of USDe. It could create easy-to-trade and cost-effective markets for buying and selling USDe. Thus, as more people use Ethereal products, the overall demand for USDe could increase, creating a cycle where growth leads to even more growth.
According to the proposal, Ethereal will provide the Ethena ecosystem with decentralization. The shift to decentralization means USDe will have no reason to rely on any central authority. Therefore, everything done within the community will be more transparent so users can see how USDe is supported and backed.
Moreover, the launch of Ethereal will serve as a good example for other applications using the USDe on the Ethena Network, which could help drive Ethena’s transformation from an asset issuer to a platform for financial innovation.
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