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Ethena Price Stabilizes Amid New Integrations
The price of Ethena (ENA) has stabilized over the past three days as developers continue to attract new USDe integrations. As of Thursday, ENA was trading at $0.58, marking a 12.5% increase from its lowest level this month. However, it remains 48% below its all-time high.
Recent Partnerships and Integrations
Ethena’s developers have announced several new integrations that are contributing to the stablecoin’s growing market share. Last week, Ethena formed a partnership with Bitget, a major crypto exchange. This collaboration allows Bitget’s 25 million users to use USDe as margin collateral for coin-margined perpetuals. Additionally, users benefit from zero-fee spot trading on the USDe/USDT pair and can generate returns in the earn section.
More than 25 million users at Bitget can now enjoy:
- USDe as margin collateral for coin-margined perpetuals & futures
- Zero-fee spot trading on the USDe/USDT pair
- USDe in the earn section
This week, Ethena announced a partnership with Symbiotic, a staking platform. This collaboration enables users to earn staking rewards for staking the ENA token in Mellow. Users also receive a 30x ENA multiplier, Symbiotic points, and future potential for LayerZero allocations.
Additionally, Ethena has integrated with AAVE, a leading player in the Decentralized Finance (DeFi) sector. This integration allows users to deposit the USDe stablecoin and loop their positions with other stablecoins on AAVE. Users can also deposit stETH, weETH, ETH, and WBTC on AAVE to borrow stablecoins into USDe.
Users can now:
- Deposit USDe and loop their position with other stablecoins on AAVE
- Deposit stETH, weETH, ETH, and WBTC on AAVE to borrow stablecoins into Ethena USDe or sUSDe
Other notable integrations include partnerships with companies like Bybit, BounceBit, and Blast, a top layer-2 network. These integrations and attractive rewards have propelled Ethena USDe to become the fourth-largest stablecoin in the industry, boasting a market cap of $3.6 billion and over 232,000 holders.
Yield and Risks
USDe is favored for its strong yield, currently standing at about 8.6%, which is higher than yields offered by US government bonds. However, there are concerns about the sustainability of this yield, especially during periods of high volatility. Some analysts have drawn comparisons to Terra Luna, which collapsed in 2022. The main risks include funding rates reversal and counterparty risks.
Ethena Price and Market Performance
Despite the ongoing growth and integrations of USDe, Ethena’s ENA token has seen a decline, losing almost half of its value from its all-time high. This performance is consistent with the general trend in the altcoin market, which has been in a bear phase in recent weeks.
Ethena’s daily traded volume and open interest in the futures market have also dropped since peaking in April. However, bulls are hopeful that the small inverse head and shoulders (H&S) pattern forming on the hourly chart may signal a reversal. In technical analysis, this pattern is often seen as an accurate indicator of a potential trend reversal.
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