The Ethereal Exchange has also promised a 15% commitment of an eventual native token for all current ENA holders.
A new proposal from the Ethena community has suggested the creation of Ethereal Exchange, a spot and perpetual futures decentralized exchange (DEX). The exchange will reportedly be built on the Ethena network and will integrate the upcoming liquidity features and technical support.
The proposal was submitted by a new account named ‘Fells0x,’ who has a ‘new user’ trust level. The Ethereal DEX project has a limited presence on social media, and the governance proposal is its first connection to Ethena Labs.
The Ethena Labs community expressed some skepticism about the project, requiring a fully named team and their histories before committing. Some may vote against it as they would rather see Ethereal DEX launch as an independent entity before agreeing to share Ethena Labs’ financial stability mechanisms.
The proposal was also written by a newly registered account, with a ‘new user’ trust level. The Ethereal DEX project has a limited presence on social media, and the governance proposal is its first connection to Ethena Labs.
Ethereal will aim to become a part of the hedging system, which has the goal of balancing the issuance of USDe. A direct connection would allow Ethereal more control over available USDe liquidity and access to timely redemptions. The new DEX will use Ethena Labs as an incubator, as well as a liquidity provider.
All holders of circulating ENA tokens will be eligible to receive a 15% share in the event of creating a new Ethereal DEX token. Ethereal will become a native DEX of the Ethena chain, tapping into the available liquidity. Currently, Ethena relies on external DEXs and protocols to popularize USDe, usually with limited pools to avoid contagion.
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