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Ethena community to vote on integrating Ethereal DEX to boost USDe stablecoin, with ENA holders receiving Ethereal tokens if approved.
Key Notes
Ethereal, a DEX built on the Ethena network, is seeking community approval to manage USDe stablecoin positions.Ethereal's architecture can process 1 million transactions per second with sub-20ms latency.Integration of Ethereal could boost growth and adoption of USDe within the Ethena ecosystem.A new proposal has been made regarding the governance of Ethena, as the Ethena Labs community is set to vote on a proposal to integrate Ethereal into its reserve management system to provide liquidity and enhance demand for USDe USDE $1.00 24h volatility: 0.1% Market cap: $2.54 B Vol. 24h: $67.51 M .
Ethereal is a decentralized exchange (DEX) built on the upcoming Ethena Network. The exchange is, therefore, seeking the community’s approval to manage spot and derivative positions backing USDe.
Under this new proposal, the community members, that is, ENA [NC] holders, will receive a 15% allocation of any future Ethereal governance tokens should the proposal pass. Ethereal is seeking a means to work closely with the Ethena community to promote the adoption of their stablecoin, USDe, within the DeFi space. They are also requesting the community’s support to integrate Ethereal as a platform for hedging transactions, but this depends on a technical review by Ethena’s team.
They believe that by working together, both Ethereal and Ethena could create a beneficial relationship that would bring value to the community. They said:
“We believe there is potential for a mutually beneficial, symbiotic relationship based on the synergies outlined above that can provide tangible value to the Ethena community.”
Ethereal’s High-Performance Architecture to Support USDe Growth in Ethena Ecosystem
Ethereal V1 testnet is expected to launch in the fourth quarter; the project can support the deployment of several applications using USDe to unlock features that enhance the main DEX.
Moreover, Ethereal is working towards matching centralized exchange performance while ensuring self-custody and flexibility features, cross-margin, liquidity automation, and portfolio margin. The exchange architectures will be able to handle 1 million operations per second with under 20ms latency, comparable to the fastest exchanges. They said:
“Ethereal is designed to match centralized exchange performance while maintaining complete self-custody and flexibility to support features such as cross-margin, liquidity automation, and portfolio margin. Ethereal’s architecture is capable of processing 1 million operations per second with sub-20ms latency, in-line with the most performant exchanges.”
The Ethereal contributors include those with decades of experience across the web2, web3, and traditional finance spaces. It will also have contributors from some of the most successful DEX protocols.
The Ethereal Exchange will offer many benefits to the Ethena ecosystem, such as boosting the growth and adoption of USDe. It could create easy-to-trade and cost-effective markets for buying and selling USDe. Thus, as more people use Ethereal products, the overall demand for USDe could increase, creating a cycle where growth leads to even more growth.
According to the proposal, Ethereal will provide the Ethena ecosystem with decentralization. The shift to decentralization means USDe will have no reason to rely on any central authority. Therefore, everything done within the community will be more transparent so users can see how USDe is supported and backed.
Moreover, the launch of Ethereal will serve as a good example for other applications using the USDe on the Ethena Network, which could help drive Ethena’s transformation from an asset issuer to a platform for financial innovation.
Disclaimer: Coinspeaker is committed to providing unbiased and transparent reporting. This article aims to deliver accurate and timely information but should not be taken as financial or investment advice. Since market conditions can change rapidly, we encourage you to verify information on your own and consult with a professional before making any decisions based on this content.
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Temitope is a writer with more than four years of experience writing across various niches. He has a special interest in the fintech and blockchain spaces and enjoy writing articles in those areas. He holds bachelor's and master's degrees in linguistics. When not writing, he trades forex and plays video games.
