Ethena (ENA) community, synthetic dollar in USD He made an important move by proposing to use Solana (SOL) as a reserve asset. This development caused the protocol’s main network asset, ENA, to gain 17 percent in value to $0.39 and its market value to exceed $1.06 billion.
Plan to Improve Reserve Structure with Solana
New proposal to ensure protection of USDe solanaIt aims to include as a reserve asset. This approach is what Ethena previously used with Bitcoin (BTC). 
$64,586 and Ethereum (ETH) 
$2,526 It is based on a structure similar to the hedging strategies used for The main purpose of the proposal is to diversify USDe’s support assets, increase its use in the DeFi field and provide broader market liquidity.
Ethena community, as well as SOL Binance Liquid Staked SOL (BNSOL) and Bybit Liquid Staked SOL He also suggested using (bbSOL) assets as reserves for USDe. Thus, while the support structure of the synthetic dollar will become stronger, liquidity and market efficiency will also increase.
Impact of the Recommendation on the Price of the Altcoin
Ethena launched its USDe stablecoin on the Solana Blockchain with LayerZero’s OFT standard in August this year. Ethena Foundation In the statement made by SOL, it was stated that a careful scaling process would be carried out regarding the use of SOL as a reserve. It was stated that risks such as limited trading history of SOL perpetual futures, low liquidity and insufficient funding rate data will be taken into consideration in this process.
The statement said, “The proposed allocation will be implemented gradually and in a controlled manner in line with the discussions with the Risk Committee.” This step will be taken to ensure a safer transition process.
With the new reserve plan, Ethena plans to increase protocol revenue and create $2-3 billion in open trading capacity with Solana-backed positions. Increasing this capacity will allow USDe to expand beyond its current $2.5 billion supply and better respond to market demand.
Ethena’s USDe stablecoin attracted a lot of attention shortly after its launch, with its total supply reaching $2.5 billion. USDe is the first scalable and censorship-resistant in the DeFi ecosystem that ensures the stability of the dollar peg using delta hedging derivative positions stablecoin It has the feature of being .
Ethena is also expanding its ecosystem with the UStb stablecoin launched in partnership with BlockRock and Securitize. This move supports USDe’s positioning as a strong competitor in the stablecoin market.
ENA coin was also positively affected by these developments. ENA, which gained 17 percent in value last week and reached $0.39, increased its market value to over $1 billion again. Increasing by 28 percent on a weekly basis altcoin Technical analysis reveals that the price may rise to $0.50 and $0.69. For further targets, there is a possibility of reaching 1.5 dollars.
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.
