On July 28th, the stablecoin protocol Ethena announced its plan to build decentralized perpetual trading integration on the Synthetix platform. The goal is to become a liquidity provider on the Synthetix perpetual platform, offering USDe as a collateral instrument with embedded yield trading and approving USDe as eligible collateral for selected pools. In the next quarter, Ethena Labs contributors will conduct internal testing on Delta Neutral USDe in collaboration with its investors and whitelisted capital partners.
According to Axios, the crypto startup Ethena has successfully completed a $6 million seed funding round, with Dragonfly leading the investment and support from various trading platforms like Deribit, Bybit, OKX, Gemini, and Huobi, as well as backing from BitMEX founder Arthur Hayes and his family office. Ethena's stablecoin USDe is developed to hedge price risks by using users' collateral and maintains its peg to the US dollar through perpetual swaps shorting Ethereum.