Source: https://x.com/ethena_labs/status/1821185511563956569
USDe is live on Solana as of today, August 7th
Read below for a list of our app integrations with USDe and sUSDe 👇
https://reddit.com/link/1emneiu/video/6vovmqmf3bhd1/player
August 7th marks Ethena’s Solana integration:
– USDe deployed on Solana thanks to @LayerZero_Labs OFT
– SOL onboarded as a backing asset for USDe, subject to governance
– Solana Sats Campaign
Deployment on Solana allows Solana users to transact in USDe, as well as accrue Ethena’s native rewards with sUSDe
>90% of the $3.5bn in stablecoin supply on Solana do not allow users to accrue rewards
https://preview.redd.it/ynzfgvzj3bhd1.png?width=679&format=png&auto=webp&s=98852c519fc5280a9017b228e96d36b641cb7dbd
SOL as a backing asset for USDe will be proposed to governance for implementation next week and opens up an extra $2-3bn of open interest across major exchanges, improving USDe’s scalability even further
https://preview.redd.it/t0degval3bhd1.png?width=679&format=png&auto=webp&s=3317ddd92f006d8d661c300466fae4f8428e0fa3
SOL perps began trading later and have less historical data on funding rates
But YTD in 2024 SOL funding has outpaced both BTC and ETH, even after the latter two assets had ETFs launched
Subject to governance, Ethena will scale slowly into SOL as funding is monitored
https://preview.redd.it/15ke21om3bhd1.png?width=679&format=png&auto=webp&s=ccc5b4afcc8a8f4505369c0e7732d42e91e39776
Ethena’s Solana integration also comes with new ways to earn Sats on Solana
Some of the highlight sats integrations with partner protocols starting August 5th include:
– Kamino:
USDe is now live on Solana’s leading money market @KaminoFinance with over $1bn in TVL
5x Sats available for sUSDe collateral and 20x for USDe collateral
https://preview.redd.it/7swzfhhq3bhd1.png?width=680&format=png&auto=webp&s=ece604712b9f87cf286d841f2f94f2b41b9e4329
– Orca:
Hitting $1.5bn in daily volume earlier this week, @orca_so is one of Solana’s most active DEX’s
Users can earn sats by providing liquidity to USDe and sUSDe pairs vs PYUSD at a rate of 30x sats per day
https://orca.so/pools?tokens=DEkqHyPN7GMRJ5cArtQFAWefqbZb33Hyf6s5iCwjEonT
https://preview.redd.it/hn7rj1it3bhd1.png?width=680&format=png&auto=webp&s=cf84a435228b297b0edb60373aa2218ab3a7f0da
– Drift:
After doing $1bn in daily derivatives volume earlier this week, @DriftProtocol is solidified as one of the largest derivative DEX’s.
Users can margin their positions with USDe or sUSDe while earning 5x for sUSDe collateral and 20x for USDe.
https://app.drift.trade/earn/lend-borrow/deposits
https://preview.redd.it/vvv6jblw3bhd1.png?width=680&format=png&auto=webp&s=76a00295ae86b3b4362c314eed988096fea05415
– Jito:
jitoSOL will also be included for consideration in the governance decision to onboard SOL as a USDe backing asset
In addition, Ethena will be looking to integrate USDe with u/jito_sol
restaking infrastructure when once operational shortly
https://x.com/jito_sol/status/1820849416942866827
https://preview.redd.it/78cem1004bhd1.png?width=601&format=png&auto=webp&s=caf2ecd867ba4f78c78fb71f3c251e5781defa9c
The official token contracts are below, do not interact with any others:
USDe: https://solscan.io/token/DEkqHyPN7GMRJ5cArtQFAWefqbZb33Hyf6s5iCwjEonT
ENA: 72QvBVwpxqmheEPfaCwWSWqEFsUy3rhWt6JhQBMNTwD1
sUSDe: Eh6XEPhSwoLv5wFApukmnaVSHQ6sAnoD9BmgmwQoN2sN
https://preview.redd.it/0ba5r1o24bhd1.png?width=480&format=png&auto=webp&s=7c2ec3e5c74b509929cc56950974a3222bd08c63
Final reminder: we’re allowing the first registrants to participate in Season 3 by registering for $ENA’s Early Adopter Rewards.
Only those who register within the next 24 hours will be deemed eligibile.
Get started! ⤵
https://ethenafinance.events
https://preview.redd.it/cnxeaqd44bhd1.png?width=680&format=png&auto=webp&s=7b4bfda72a533b43ab36ca92d1fbe26a2ff4148d
