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<p class="is-style-lead">Synthetic dollar developer Ethena Labs received the green light for a USDeFRAX liquidity pool with Frax Finance to diversify FRAX stablecoin yield.&nbsp;</p>
<p>The Singularity Roadmap proposal from Ethena Labs was <a href="https://twitter.com/ethena_labs/status/1777261242119528692" target="_blank" rel="noopener noreferrer nofollow">approved</a> and has enabled the protocols to create a USDeFRAX POL with a $250 million ceiling on the defi stablecoin exchange Curve.</p>
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   <p lang="en" dir="ltr">Ethena has looked up to the FRAX team as some of the best builders in all of DeFi, and we are excited to work together in the coming months to grow the oncahin dollar economy</p>— Ethena Labs (@ethena_labs) <a href="https://twitter.com/ethena_labs/status/1777261242119528692?ref_src=twsrc%5Etfw" target="_blank" rel="noopener noreferrer nofollow">April 8, 2024</a>
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<p>Moving forward, <a href="https://crypto.news/price/usde/" rel="noopener noreferrer nofollow">USDe</a>’s issuer and Frax Finance plan to deliver dense on-chain dollar liquidity despite concerns that Ethena Labs’ product bears striking similarities to Terraform’s algorithmic stablecoin UST.</p>
<p>Fantom developer Andre Cronje <a href="https://crypto.news/ethena-ust-concerns-developer/" rel="noopener noreferrer nofollow">pointed</a> to USDe risk stemming from the asset’s peg system, which depends on collateralized positions to maintain parity with the U.S. dollar. The mechanism is akin to UST’s design, a decentralized architecture that eventually crippled Terra’s $60 billion ecosystem.</p>
<p>After the synthetic dollar creator onboarded Bitcoin (<a href="https://crypto.news/price/bitcoin/" target="_blank" rel="noopener noreferrer nofollow">BTC</a>) to help maintain its peg, CryptoQuant founder Ki Young Ju echoed Cronje’s concerns regarding a potential crypto contagion. UST and Terraform also tapped BTC as a reserve asset before the defi project crashed in May 2022.&nbsp;</p>
<p>You might also like: <a href="https://crypto.news/bitcoin-crypto-investment-inflows-record/" rel="noopener noreferrer nofollow"> CoinShares: Bitcoin drives crypto investment inflows to $13.8b record </a></p>
<h2 class="wp-block-heading" id="ethena-labs-usde-crosses-2b-market-cap">Ethena Labs’ USDe crosses $2b market cap</h2>
<p>Although USDe may be considered a contentious defi stablecoin, the asset has drawn user demand and <a href="https://crypto.news/ethenas-usde-stablecoin-market-cap/" rel="noopener noreferrer nofollow">crossed</a> $2 billion in supply since launching in February. Per DefiLlama, Ethena Labs offered its U.S. dollar-pegged token exclusively on Ethereum’s mainnet.&nbsp;</p>
<p>The protocol suffered a $290,000 <a href="https://crypto.news/ethena-labs-reportedly-suffers-from-security-incident-analysts-suspect-290k-exploit/" rel="noopener noreferrer nofollow">security exploit</a> nearly a month after its debut, but the issue was swiftly resolved. Experts could not determine the underlying vulnerability then, and Ethena Labs has advanced to expand USDe integration across.&nbsp;</p>
<p>The stablecoin provider <a href="https://crypto.news/ethena-labs-launch-ena-with-a-750m-airdrop-as-makerdao-grabs-usde/" target="_blank" rel="noopener noreferrer nofollow">airdropped</a> its governance token ENA with 750 million free tokens for early supporters and participants.</p>
<p>Read more: <a href="https://crypto.news/ethena-ust-concerns-developer/" rel="noopener noreferrer nofollow"> Developer raises concerns about Ethena becoming new UST </a></p>

Ethena Labs scores $250m allocation for USDeFRAX pool

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