The $13 billion artificial greenback expands to Avalanche with DeFi integrations and AVAX rewards.
Ethena Labs has launched its artificial greenback USDe and staked USDe (sUSDe) on Layer 1 blockchain Avalanche, marking a significant cross-chain enlargement for the mission.
USDe presently has a market capitalization of over $13 billion, up 128% from $5.7 billion in June, making it the third-largest circulating stablecoin, in line with DeFiLlama information. In the meantime, Ethena’s native ENA token is up 17% prior to now week to a $11.6 billion valuation.
At the moment’s rollout contains integrations with Uniswap, Pharaoh Alternate, LFJ, and BlackholeDEX for spot liquidity, whereas protocols like Euler, Silo, Of us Finance, and Time period Labs will quickly help USDe, sUSDe, and related Pendle tokens as collateral. Ethena added that it’s exploring potential collateral integrations with Benqi and Aave.
“Ethena property will probably be usable inside main lending & buying and selling DeFi apps on Avalanche, ranging from right now,” Ethena wrote in an X submit earlier right now, including that eligible decentralized finance (DeFi) interactions on Avalanche will qualify customers for each AVAX rewards and Ethena Factors.
AVAX is Avalanche’s native token that’s presently buying and selling at $28.60, up 52% over the previous three months, per CoinGecko.
Ethena additionally revealed that Pendle Finance is bringing its first occasion of cross-chain Principal Tokens (PTs) to Avalanche. “Ranging from right now, November USDe PT will probably be bridgeable to Avalanche by way of the Pendle website, in collaboration with @LayerZero_Core,” the submit reads. “Cross-chain PT deposits will probably be accepted on cash markets like Euler and Silo as collateral to borrow different stables.”
The enlargement comes as Avalanche’s whole worth locked (TVL) has almost doubled over the previous two quarters, rising from $1.1 billion in April to round $2.1 billion right now, in line with DeFiLlama. Analysts say institutional inflows, gaming adoption, and community upgrades have fueled the rebound.
Nic Puckrin, CEO and founding father of Coin Bureau, informed The Defiant earlier this week that Avalanche’s development positions it effectively to change into a hub for tokenized property and DeFi.
“With extra liquidity and cheaper transactions, devs and customers alike have stronger incentives to construct and take part,” he mentioned. “This implies Avalanche is extra geared up to compete straight with Solana and Ethereum’s Layer 2s, notably in areas the place tokenization is gaining traction.”
Earlier this 12 months, Ethena expanded to the TON blockchain, deploying USDe and sUSDe in Might. The mixing, which makes sUSDe out there as tsUSDe inside Telegram’s in-app wallets, provides the messaging platform’s roughly one billion customers entry to stablecoin yield inside each its custodial Pockets and noncustodial TON Area.
