Impact

Ethereal

Ethena

<p style="text-align: justify">You can also read this news on BH NEWS: <a href="https://en.bitcoinhaber.net/does-ethereals-proposal-impact-ena-prices" data-wpel-link="internal" rel="noopener noreferrer nofollow">Does Ethereal’s Proposal Impact ENA Prices?</a><br></p>
<p style="text-align: justify">Ethereal, a decentralized exchange specializing in both spot and futures trading, has reached out to the Ethena community with a proposal for a significant integration. This proposed collaboration seeks to manage reserves wholly on-chain, utilizing Ethena’s risk management and liquidity capabilities. By focusing on USDe-backed spot and derivatives, Ethereal aims to enhance the platform’s functionality post-launch.</p>
<h2 id="what-does-ethereal-s-proposal-entail">What Does Ethereal’s Proposal Entail?</h2>
<p style="text-align: justify">The proposal, submitted on September 20, urges the Ethena community to support Ethereal’s integration. A governance vote is anticipated, aligning Ethereal’s infrastructure with Ethena’s established risk management framework. This collaboration is poised to broaden the usage and demand for USDe, the protocol’s core stablecoin. Additionally, it promises to allocate 15% of future Ethereal governance tokens to ENA stakeholders, sparking ongoing discussions on mutual benefits and value augmentation within the community.</p>
<h2 id="how-did-ena-prices-react-to-the-news">How Did ENA Prices React to the News?</h2>
<p style="text-align: justify">In response to Ethereal’s strategic move, traders quickly turned their attention to Ethena’s ecosystem dynamics. Ethena Labs’ recent announcement of UStb, a stablecoin backed by substantial collateral, further fueled market interest. Consequently, ENA experienced a sharp rise, jumping from $0.3496 to $0.4179 within a day. This surge, which included a 20% increase in 24 hours, was accompanied by a 145% spike in trading volume, underscoring heightened trader engagement.</p>
<p style="text-align: justify">Key takeaways from the current scenario include:</p>
<ul>
 <li>ENA futures open interest recorded a 13% boost in just four hours, expanding by 20% over 24 hours.</li>
 <li>Total open positions in ENA futures escalated to $190 million, reflecting vigorous trading activity.</li>
 <li>The launch of Ethereal V1, planned for 2025, will further integrate with the Ethena Network as an L3 EVM application.</li>
 <li>The testnet is expected to be completed by the end of this year, setting the stage for future developments.</li>
</ul>
<p style="text-align: justify">Ethereal’s proposal could have a substantial impact on ENA’s market performance, as evidenced by the recent price surge. Reinforced by the growing Ethena ecosystem and increased <a href="https://en.bitcoinhaber.net/investors-track-pepe-coin-movements" data-wpel-link="internal" rel="noopener noreferrer nofollow">token</a> demand, these developments promise to solidify the positions of both Ethereal and Ethena, potentially attracting greater trader interest in the cryptocurrency landscape. As the integration progresses, stakeholders and traders alike will be keenly watching the evolution of this partnership.</p>
<h5><span style="font-weight:bold;font-size:16px">Continue Reading: </span> <a href="https://en.bitcoinhaber.net/does-ethereals-proposal-impact-ena-prices" data-wpel-link="internal" rel="noopener noreferrer nofollow">Does Ethereal’s Proposal Impact ENA Prices?</a></h5>

Does Ethereal’s Proposal Impact ENA Prices?

Table of Contents

BH NEWS

Other articles published on Sep 30, 2024

Coinpedia Fintech News

Vitalik Buterin Offloads More Ethereum, ETH Price Dips 2% from Resistance

Zuckerberg rises to 4th wealthiest as Meta’s market cap hits $1.4 Trillion

Shiba Inu Team Shares Big Update On ‘Shib The Metaverse’ Launch

Why is ETH Stalling Behind the Crypto Market? (Ethereum Price Analysis)

Bitcoin Block Intervals Slow to 10 Minutes and 16 Seconds

Join our free newsletter for daily crypto updates!