ENA Price Skyrockets 20% As Ethereal Exchange Proposes Ethena Integration

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As a seasoned researcher with years of experience navigating the dynamic world of cryptocurrencies, I find myself intrigued by the recent developments between Ethereal Exchange and Ethena. The proposal to integrate Ethereal’s DEX into Ethena’s reserve management is an exciting step forward, promising a fully on-chain venue for managing spot and derivative positions backing USDe.

As a researcher, I’m reaching out to the Ethena community with a proposal that I believe could significantly enhance our platform. Ethereal, our integrated DEX for spot and perpetual futures trading, is proposing direct integration into Ethena-related reserve management from launch. This move will establish a fully on-chain venue for managing spot and derivative positions backing USDe, ensuring transparency and efficiency.

Ethereal Exchange Proposal Integration with Ethena

On September 20th, Ethereal Exchange put forward a proposition for community vote in the Ethena discussion platform. This proposal aims at the Ethena community’s approval to initiate a spot and perpetual exchange, which will be established using USDe and seamlessly incorporated into the Ethena risk management system and liquidity pools.

We’re asking for help from the Ethena community to collaborate on a project that involves integrating Ethereal for handling hedging deals. This integration will only proceed if it passes the necessary technical checks carried out by both the Ethena Foundation and their Risk Committee.

1) Furthermore, this action increases the versatility and desirability of USDe. If the plan is approved, it guarantees a 15% share of any potential Ethereal governance token to ENA holders. The Ethena community is currently debating the mutual advantages and additional worth.

Ethereal Version 1 functions as a Level 3 app chain that synchronizes with the Ethena Network. By the end of this year, we anticipate the release of a testing network, and potentially, our Decentralized Exchange (DEX) could launch in 2025.

ENA Price Shoots Over 20%

Traders swiftly assessed the latest proposition from Ethereal Exchange upon hearing about it, taking into account the recent advancements within the Ethena ecosystem. Last week, Ethena Labs unveiled the launch of a UStb stablecoin, which is fully backed by BlackRock and Securitize. This coin offers a distinct risk profile compared to USDe.

As an analyst, I observed that the 24-hour low and high of Ethena’s price were at 0.3496 and 0.4179 respectively, following nearly a 50% surge in its value over the past week. In the last day alone, ENA’s price experienced a 20% increase, currently standing at $0.411. Additionally, there has been a significant surge in trading volume by approximately 145% within the same 24-hour period, suggesting heightened enthusiasm from traders.

The derivatives market is experiencing significant purchases of the token, with Coinglass data showing that ENA futures open interest has surged by more than 13% within four hours and over 20% in a 24-hour period. This strong buying activity can be observed across exchanges like Binance, Bybit, and Coinbase, pushing the total ENA futures open interest to approximately $190 million.

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2024-09-30 12:07