Ethereum

Arthur

Terra

Notable

Epic

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 Ethena, a crypto start-up, has achieved a significant milestone by securing an impressive $6 million in seed funding, according to a report from <a href="https://www.axios.com/pro/fintech-deals/2023/07/17/ethena-6-million-stablecoin-ethereum" rel="noopener noreferrer nofollow">Axios</a>. The funding round, led by prominent investment firm Dragonfly, demonstrates growing interest in Ethena's cutting-edge stablecoin project. 
 <a href="https://u.today/crypto-high-risk-appetite-noticed-among-investors-as-they-convert-stablecoins-fast-now" rel="noopener noreferrer nofollow">card</a> 
 Thus, in response to the challenges faced by previous stablecoin ventures, the start-up has developed a unique approach to ensuring its stablecoin, known as USDe, maintains a stable value relative to the U.S. dollar. By employing <a href="https://u.today/ethereum-eth-whales-selling-their-holdings-whats-happening" rel="noopener noreferrer nofollow">Ethereum</a> derivatives and a hedging mechanism, Ethena aims to ensure that the value of USDe remains pegged to the dollar. 
 <h2 id="the-difference">The difference</h2> 
 The key to this solution lies in the innovative use of collateral from users, allowing the platform to effectively hedge price exposure through shorting Ethereum via perpetual swaps. Through a balanced combination of staked <a href="https://u.today/thousands-of-ethereum-eth-left-major-exchange-heres-whos-behind-move" rel="noopener noreferrer nofollow">ETH</a> and derivatives, Ethena aims to neutralize any potential gains or losses, safeguarding the stability of USDe. 
 The start-up wants to distinguish itself from previous attempts at algorithmic stablecoins, such as the infamous <a href="https://u.today/terra-luna-chain-to-be-halted-heres-why-and-when" rel="noopener noreferrer nofollow">Terra Luna</a>. Moreover, Ethena's approach sets it apart from current stablecoin leaders USDC and USDT, which predominantly rely on traditional fiat-based assets like bills and bonds. 
 <a href="https://u.today/cardanos-djed-stablecoin-faces-critical-liquidity-problem" rel="noopener noreferrer nofollow">card</a> 
 The success of Ethena's funding round is further amplified by the support it has garnered from prominent players in the cryptocurrency industry. Notable investors include big crypto exchanges and, additionally, <a href="https://u.today/arthur-hayes-presents-two-mind-blowing-bitcoin-btc-predictions" rel="noopener noreferrer nofollow">Arthur Hayes</a>. The founder of BitMEX and his family office have provided crucial backing to the project. This is especially noteworthy since Hayes himself has advocated for the development of an algorithmic stablecoin backed by <a href="https://u.today/xrp-dethrones-bitcoin-btc-as-top-traded-asset-dominates-20-of-crypto-market" rel="noopener noreferrer nofollow">Bitcoin</a> derivatives, known as NakaDollar.
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Ethereum Stablecoin Developer Ethena Surpasses Epic Milestone

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