The ENA token, the native token of the synthetic dollar protocol developer Ethena, experienced a significant surge of over 45% this week following the launch of several new products.
Ethena aims to offer a crypto-native alternative for financial transactions that does not rely on traditional banking infrastructure, introducing a synthetic dollar named USDe.
Additionally, the protocol has introduced a dollar-denominated savings instrument called “the Internet Bond.”
At the time of writing, ENA is trading at 0.361, up from $0.248 a week ago. The 115th-ranked crypto asset by market cap has also seen a 14% increase in the past 24 hours.
Earlier this week, Ethena announced a partnership with EigenLayer, an Ethereum restaking protocol, which has now gone live.
Ethena explained, “We are thrilled to announce our collaboration with EigenLayer and Ether.fi to introduce USDe as the first dollar-denominated token that can be used as security within its shared security platform.”
On Thursday, the synthetic dollar protocol launched UStb, a stablecoin product backed by BlackRock’s USD Institutional Digital Liquidity Fund (BUIDL).
BUIDL is BlackRock’s tokenized fund investing in cash, U.S. Treasury bills, and repurchase agreements.
Ethena elaborated, “This will be a distinct product from USDe, providing users and exchange partners with a new product featuring a different risk profile than USDe.”
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