The Ethena community will vote on a proposal to integrate Ethereal, a decentralized exchange built on USDe, into Ethena's reserve management system.
Ethena Labs' community will soon launch Ethereal, a decentralized exchange built on the Ethena Network, into a prepared management system to expand the “utility and demand” of USDe, a synthetic stablecoin developed by Ethena Labs. We plan to vote on the proposal to merge with.
The proposal, submitted by Fells0x on September 30th, seeks approval for Ethereum to manage spot and perpetual futures positions backing USDe. In return, (ENA) token holders will receive 15% of future Ethereal governance tokens if this proposal passes.
Ethereal V1 is scheduled to launch on testnet in the fourth quarter and aims to provide centralized exchange-level performance while remaining “completely self-managed,” the proposal says. It's dark. According to the proposal, the exchange's architecture “can process 1 million operations per second with less than 20 milliseconds of latency.”
“The launch of Ethereal provides a blueprint for other applications built using USDe on the Ethena network and helps accelerate Ethena’s transformation from an asset issuer to a platform for financial innovation. ”
Fells 0x
The proposal also outlines potential future synergies, including decentralized lending and borrowing applications built on top of USDe.
The proposal follows the recent announcement of UStb’s Ethena, a BlackRock-backed stablecoin aimed at addressing community concerns surrounding USDe. Backed by BlackRock USD Institutional Digital Liquidity Fund and private lender Securitize, UStb was introduced as a safeguard against systemic risk in a negative funding rate scenario.
Figures such as Andre Cronje have previously expressed concerns about USDe, likening it to the defunct TerraUSD. However, Athena claimed that no such risk had materialized in USDe's more than six months of operation.
Pending approval, Fells0x has requested technical support from the Ethena Foundation and Risk Committee to ensure smooth integration of Ethereal into Ethena's hedging strategy. The vote is expected to take place in the coming months, but no specific date has been set.
