Ethena Expands Ecosystem with USDe and Ethena Shards on Injective Blockchain
Ethena, the prominent DeFi protocol with nearly $1 billion in TVL, expands its ecosystem by launching USDe and Ethena Shards exclusively on the Injective blockchain. Ethena has announced its exclusive integration with Injective, a lightning-fast interoperable layer one blockchain, marking its first integration outside the Ethereum ecosystem.
The Innovation Behind USDe
Ethena has been making waves in the crypto sphere with its innovative approach to creating yield-bearing synthetic tokens. USDe, the protocol’s synthetic dollar, offers a censorship-resistant, stable, and scalable solution for the digital asset market. Unlike traditional stable assets, USDe is fully backed on-chain and free to compose on other protocols, relying on advanced technologies such as delta-hedging and established assets like ETH to maintain its peg to the dollar.
Internet Bond and Ethena Shards Campaign
At the heart of the Ethena ecosystem is the Internet Bond, a high-yield financial instrument that democratizes investment opportunities and savings concepts. Starting from March 6th, USDe will be available to Injective users, granting them access to this innovative synthetic dollar. Holders of USDe on Injective will be eligible to participate in the Ethena Shards Campaign beginning March 11th, receiving 5x shards on the Ethena protocol.
Seamless Integration with Injective
The integration between Ethena and Injective is made possible by Injective’s implementation of the Ethereum standard EIP712, allowing Ethereum wallets like MetaMask to seamlessly connect to the Injective network. With near-zero fees, dApps on Injective now serve as the cheapest gateway to earn Ethena shards, with users being able to track their shards directly on Ethena by connecting their MetaMask wallet associated with their Injective wallet address.
Participating in Ethena’s Shard Campaign
Keplr users can also participate in Ethena’s Shard Campaign by importing their Keplr wallet address into a new MetaMask account to receive shards. The collaboration between Ethena and Injective exemplifies the seamless access between Ethereum and Injective, unlocking a vast array of opportunities for both communities and the world of crypto as a whole.
As Ethena continues to revolutionize the DeFi landscape with its synthetic dollar and Internet Bond, the exclusive launch on Injective marks a significant milestone in the protocol’s expansion beyond the Ethereum ecosystem. This collaboration not only benefits Ethena and Injective users but also demonstrates the increasing interoperability and synergy within the broader crypto and blockchain community.
