- Ethereal DEX aims to increase USDe liquidity and adoption.
- ENA holders could receive 15% of future Ethereal governance tokens.
The Ethena community is getting ready to vote on a proposal to integrate the Ethereal decentralized exchange (DEX) into its ecosystem, with the goal of increasing the liquidity and adoption of the USDe stablecoin. Ethereal grants governance tokens to ENA token holders once they are recognized.
Ethereal, which runs on the Ethena network, is intended to manage both spot and derivative positions for USDe. Its cutting-edge infrastructure can process up to 1 million transactions per second with a latency of less than 20 milliseconds. By making it a competitive rival in the decentralized finance (DeFi) field. The proposal seeks to develop tight collaboration between Ethereal and the Ethena community to increase USDe usage and liquidity within the DeFi ecosystem.
If the merger is allowed, ENA holders will receive 15% of future Ethereal governance tokens. This collaboration aims to establish a mutually beneficial connection that provides value to the Ethena ecosystem. Ethereal’s team highlighted the importance of self-custody, flexibility, and automation in trading processes. And hoping to match the performance of centralized exchanges while providing decentralized alternatives.
Ethereal’s Potential Impact on USDe Growth
Ethereal’s upcoming launch is expected to significantly boost growth potential for USDe. With the V1 testnet set to launch in Q4, the DEX intends to unlock features that improve user experience and liquidity. Ethereal might amplify demand by providing low-cost markets for trading USDe, resulting in a virtuous cycle of growth.
The move to decentralization will strengthen USDe by allowing it to operate independently of central authority. Users can boost confidence in the community by seeing how USDe is supported and backed. Furthermore, Ethereal’s success serves as a blueprint for other USDe-based apps on the Ethena Network and promotes additional innovation as well as encouraging Ethena as a financial technology leader.
At the time of writing, USDe is trading at $ 0.994, a substantial decline of 0.02%. As the community vote approaches, all eyes are focused on Ethena and Ethereal’s ability to transform the DeFi into the spot.
