Ethereal, as an integrated spot and futures DEX, has requested that the Ethena community approve the integration into direct reserve management post-launch. This step aims to provide a fully on-chain platform for the management of USDe-backed spot and derivative positions.
Ethereal’s Integration Offer with Ethena
On September 20, Ethereal Exchange submitted a proposal for governance voting on the Ethena forum. This proposal calls for the launch of a spot and futures exchange built on USDe and integrated into Ethena’s risk management engine and liquidity.
“We are requesting support from the Ethena community for integration with Ethereal. “We aim for a platform to carry out risk management operations, subject to satisfactory technical reviews by the Ethena Foundation and the Risk Committee.”
This step will bring expanded usage and demand for USDe. Acceptance of the proposal includes allocating 15% of potential Ethereal governance tokens to ENA holders. The Ethena community actively discusses mutual benefit and added value.
Changes in ENA Price
Investors quickly reacted to Ethereal Exchange’s new offering and evaluated the developments in the Ethena ecosystem. Last week, Ethena Labs announced the launch of the UStb stablecoin, which is fully collateralized by BlackRock and Securitize.
ENA price rose from 0.3496 to 0.4179 in 24 hours, following a nearly 50% rally in one week. The price of ENA is currently trading at $0.411, up 20% in the last 24 hours. Additionally, trading volume increased by 145% in the last 24 hours, indicating great interest among traders.
Demand is also strong in futures transactions. According to Coinglass data, ENA futures open interest increased by 13% in 4 hours and 20% in 24 hours. Major buying activity was observed on exchanges such as Binance, Bybit and Coinbase, and ENA futures open positions reached a total of $190 million.
Ethereal V1 operates as an L3 EVM application network integrated into the Ethena Network. In addition, the completion of the testnet is planned in the fourth quarter of this year and the launch of DEX in 2025.
While Ethereal’s Ethena integration offering has led to a significant increase in ENA’s market value, the Ethena ecosystem is also strengthening with new collaborations and token demands. These developments may increase both projects’ position in the crypto market and investor interest.
Disclaimer: The information contained in this article does not constitute investment advice. Investors should be aware that crypto currencies carry high volatility and therefore risk, and should carry out their transactions in line with their own research.
