USDe is Now Available For Deposit On Ether.fi In Exchange For A Liquid Restaking Token


USDe is Now Available For Deposit On Ether.fi In Exchange For A Liquid Restaking Token

  cryptonews.net 04 September 2024 16:16, UTC

Ethena has announced a partnership that will allow users to deposit USDe on Ether.fi in exchange for a new liquid restaking token, or LRT. The new LRT, called eUSDe, will also provide a dollar-pegged asset for EigenLayer restakes, according to the announcement. As the first-ever dollar-pegged collateral used in EigenLayer, the eUSDe LRT will provide a unique opportunity for restakers across multiple systems and protocols to use less volatile collateral for their restake activities.

Ether.fi has over $5.7 billion in TVL, according to data from crypto data platform DeFi Llama. As part of the Ethena and Eigenlayer integration, Ether.fi’s USDe vault will allow users to deposit several different stablecoins in exchange for a new eUSDe LRT, which will be used to secure other systems and protocols as part of a generalized restaking

Ethena uses a derivatives trading strategy to maintain the stability of its USDe synthetic dollar, taking short positions in ETH or ETH-linked derivatives to offset losses in ETH collateral. Last month, Ethena Labs announced a new integration that allows users to buy and sell its USDe stablecoin on Solana.

Image: Metaverse Post

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