- Ethena shared its 2024 roadmap, aiming to become a unified currency layer.
- The aggregated liquidity layer can link decentralized and centralized exchanges while USDe serves as a fulcrum asset.
- Two large-wallet investors have deposited $15 million in ENA to Bybit early on Friday.
Ethena (ENA), a protocol developed on the Ethereum blockchain offering a synthetic stablecoin (USDe) that operates across various DeFi applications, announced on Friday that itsUSDe will integrate DeFi, CeFi and traditional finance as part of its 2024 roadmap.
In parallel to the announcement, a large number of ENA tokens have been deposited to, Bybit exchange in the past few hours. More specifically, two whales have deposited 17.33 million ENA worth around $15 million, a move that could increase the selling pressure on the token.
Ethena Finance releases roadmap
Ethena, which shared its 2024 roadmap in a tweet on X, proposes to converge traditional finance with centralized and decentralized finance in the crypto ecosystem. The protocol plans to use its synthetic stablecoin USDe to aggregate liquidity across centralized and decentralized exchanges.
What are we excited by?
— Ethena Labs (@ethena_labs) May 10, 2024
We believe Ethena will reshape and force the convergence of DeFi, CeFi and TradFi, with USDe as the connective tissue which ties it all together pic.twitter.com/EBfaHbMCLf
Ethena’s plan is to aggregate liquidity. One of the major challenges faced by users is that of liquidity of assets on decentralized exchanges. Ethena’s plan is to supporting deeper liquidity on newly incubated decentralized exchanges, by aggregating it with centralized exchanges. The synthetic dollar that the firm offers would operate across dApps without relying on the infrastructure used by traditional finance firms.
Ethena proposes extending the utility of the synthetic dollar to bridge the gap between traditional and non-traditional financial institutions.
ENA deposits to exchanges
Ethena is trading at $0.921 on Binance, gaining almost 4% on the day. However, the token’s price could face headwinds from the recent whale activities. Two whales deposited 17.33 million ENA, worth around $15 million, to Bybit exchange in the past eight hours. One of the two whales still holds $6.47 million ENA, according to from crypto intelligence tracker SpotOnChain.
The move could mean that these large-wallet investors are intending to sell the token. If the whales take profits, it could negatively impact ENA price.
Two whales just deposited 17.33M $ENA ($15M) to #Bybit in the past 8 hours!
— Spot On Chain (@spotonchain) May 10, 2024
They received a total of 24.52M $ENA from the @ethena_labs on April 1 and 2. Currently, one of the whales still holds 7.18M $ENA ($6.47M).
However, this may not be an immediate sell order as the $ENA… pic.twitter.com/jUklVcyofS
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers. The author will not be held responsible for information that is found at the end of links posted on this page.
If not otherwise explicitly mentioned in the body of the article, at the time of writing, the author has no position in any stock mentioned in this article and no business relationship with any company mentioned. The author has not received compensation for writing this article, other than from FXStreet.
FXStreet and the author do not provide personalized recommendations. The author makes no representations as to the accuracy, completeness, or suitability of this information. FXStreet and the author will not be liable for any errors, omissions or any losses, injuries or damages arising from this information and its display or use. Errors and omissions excepted.
The author and FXStreet are not registered investment advisors and nothing in this article is intended to be investment advice.
Recommended Content
Editors’ Picks
Crypto analyst says Bitcoin bottom is very close, another correction in BTC likely
Bitcoin is trading above $67,000 on Sunday after securing support at $65,000. While BTC holds its gains steady, analysts evaluate the price trend of the largest asset by market capitalization and predict a deeper correction in Bitcoin.
AI tokens could really ahead of Nvidia earnings
Amidst other narratives, AI tokens could gather momentum with the upcoming earnings result of NVIDIA next week. The $2.3 trillion company’s stock emerged as a poster child for the crypto AI sector and gains in the stock catalyzed a rally in cryptocurrency tokens.
Whale rotates capital from WIF to TREMP and BONK, Solana meme coins make comeback
Lookonchain identified a large wallet investor who rotated capital from Solana based meme coin Dogwifhat to Doland Tremp and Bonk. The two meme coins have added double-digit value to their prices in the past 24 hours, as seen on CoinGecko.
Crypto political donations surge to $94 million pre election, exceed previous elections by 13%
Crypto industry giants supported political campaigns in the US looking for pro-crypto governance in the US. A Bloomberg report from May 17 shows that crypto donors have spent $94 million in an effort to get pro-crypto regulation in the US.
Bitcoin: Is BTC out of the woods? Premium
Bitcoin (BTC) price action in the past two days has confirmed the resumption of the bull run. However, BTC needs to clear a few key hurdles before investors can go all-in.