Arthur Hayes, the former CEO of BitMEX, believes that ENA might reach $10 in line with Bybit’s use of USDe as collateral, which affects trading pairs between Bitcoin and Ether and influences market dynamics and acceptance.
Through the partnership, USDe is incorporated into Bybit’s trading platform, improving capital efficiency and opening up new trading opportunities.
The utility of USDe is increased by its inclusion in spot trading pairs with popular cryptocurrencycurrencies.
Following the announcement, ENA’s price spiked to $9.9968 before settling at $0.9257. According to CoinMarketCap, there was $587,987,866 worth of trading activity in a single day. Ethena has a market value of $1,407,320,058, indicating that investors are very interested in the company’s potential for growth.
USDe’s integration with Bybit indicates growth potential despite current market weakness, with partnerships across key exchanges easing uptake and collaboration.
Guy Young, the CEO of Ethena Labs, is upbeat and believes that this is an important step for USDe’s usability and market presence. This action draws traders to a tailored product while challenging the dominance of stablecoins in the market.
Essentially, Ethena has achieved a major milestone with Bybit’s adoption of USDe, which strengthens its market position and opens the door for wider adoption within the cryptocurrencycurrency community.
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