Ethena Labs’ USDe Debuts On Bybit, Here’s Everything

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As a seasoned crypto investor with over five years of experience in this dynamic market, I find the integration of USDe by Ethena Labs on Bybit exchange to be an exciting development that could significantly impact my trading strategies and returns.

USDe, a groundbreaking stable margin collateral that offers reward earnings, is being incorporated by Ethena Labs into the Bybit trading platform. Expected to debut next month, this cutting-edge financial tool is designed to transform the way traders handle and profit from their collateral.

USDe Integration Details & Potential Market Impact

Beginning August 2, Ethena Labs is introducing USDe, a novel collateral type with built-in rewards, on the Bybit cryptocurrency exchange. This groundbreaking collaboration aims to transform the way traders handle collateral and generate earnings.

1. On the cryptocurrency exchange platform Bybit, users can potentially gain returns of up to 20% Annual Percentage Yield (APY) on their USDe holdings. These rewards are distributed on a daily basis. This advantage is not limited to just storing USDe, but also extends to utilizing it as security for derivatives trading. The APY, which undergoes daily fluctuations, can be monitored either on Bybit’s Savings page or UTA/Funding account page.

For the first time in the industry, this integration enables traders to utilize their collateral to possibly cover funding costs, a game-changing move according to Ethena Labs that promises to optimize trading capital by enhancing efficiency. Notably, over $30 billion of USD collateral held on various exchanges is currently being employed for perpetual contracts without deriving extra value from it.

Daily at 6 AM UTC, Bybit disperses rewards into the Funding accounts of its users, without imposing a minimum balance stipulation. Furthermore, trading USDe comes with zero fees when conducting transactions in the USDe/USDT and USDe/USDC markets.

1) This unveiling signifies a pivotal moment in making USDe a popular choice among cryptocurrency exchanges. Perceiving this alignment as an opportunity to disrupt the current stablecoin market, they have tailored their product to cater specifically to users who are deeply immersed in the crypto world.

Ethena Labs Rapid Growth and Strategic Milestones

1. After the successful debut of USDe and early Shard Campaigns, Ethena’s Total Value Locked (TVL) has experienced rapid expansion. In less than two months, it surpassed $2.11 billion. Not too long ago, when USDe was fully incorporated into Bybit, serving as a collateral asset for trading perpetual futures and supporting zero-fee spot pairs for BTC and ETH against USDe.

I’ve observed remarkable progress following this significant event, leading to a surge in TVL that added an additional $1.3 billion to the existing pool. With this increase, our total TVL now exceeds $3.6 billion within the first four months post-mainnet launch. These accomplishments underscore our potential and significance within the decentralized finance sector.

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2024-07-30 16:50