Ethena Labs Announces Launch of USDe on Solana

Ethena Labs has announced its stablecoin USDe’s launch on the top blockchain Solana on August 7. This integration of Ethena Labs with Solana denotes a crucial landmark in the platform’s mission to broaden its reach along with offering more rewarding opportunities for the consumers. The company took to its official X account to offer insights into this initiative.

USDe is live on Solana as of today, August 7th

Read below for a list of our app integrations with USDe and sUSDe 👇 pic.twitter.com/vik1qESbN5

— Ethena Labs (@ethena_labs) August 7, 2024

Ethena Labs Unveils the Release of Its USDe Stablecoin on Solana

In its latest X post, the platform noted that this integration provides many chief features. They take into account the deployment of USDe on Solana. Ethena Labs will conduct this through the OFT of LayerZero Labs. In addition to this, the integration takes into account the SOL token as a supporting asset to back USDe. It will reportedly require governance approval.

Apart from that, the initiative also includes the Solana Sats Campaign. It will permit the clients to transfer with USDe as well as get rewards via sUSDe. Interestingly, more than ninety percent of the stablecoin’s $3.5B Solana-based supply does not permit clients to get rewards. In this respect, Ethena’s integration emerges as a game changer.

The Integration also Includes Collaborations with Top Protocols

The integration additionally offers exclusive ways to obtain Sats on Solana. This includes collaborations with top protocols like Jito, Drift, Orca, and Kamino. The respective collaborations provide diverse opportunities to the consumers for rewards. According to Ethena, it will additionally delve into the integration of USDe with the restaking infrastructure of Jito once operational.