- Ethena shared its 2024 roadmap, aiming to become a unified currency layer.
- The aggregated liquidity layer can link decentralized and centralized exchanges while USDe serves as a fulcrum asset.
- Two large-wallet investors have deposited $15 million in ENA to Bybit early on Friday.
Ethena (ENA), a protocol developed on the Ethereum blockchain offering a synthetic stablecoin (USDe) that operates across various DeFi applications, announced on Friday that itsUSDe will integrate DeFi, CeFi and traditional finance as part of its 2024 roadmap.
In parallel to the announcement, a large number of ENA tokens have been deposited to, Bybit exchange in the past few hours. More specifically, two whales have deposited 17.33 million ENA worth around $15 million, a move that could increase the selling pressure on the token.
Ethena Finance releases roadmap
Ethena, which shared its 2024 roadmap in a tweet on X, proposes to converge traditional finance with centralized and decentralized finance in the crypto ecosystem. The protocol plans to use its synthetic stablecoin USDe to aggregate liquidity across centralized and decentralized exchanges.
What are we excited by?
— Ethena Labs (@ethena_labs) May 10, 2024
We believe Ethena will reshape and force the convergence of DeFi, CeFi and TradFi, with USDe as the connective tissue which ties it all together pic.twitter.com/EBfaHbMCLf
Ethena’s plan is to aggregate liquidity. One of the major challenges faced by users is that of liquidity of assets on decentralized exchanges. Ethena’s plan is to supporting deeper liquidity on newly incubated decentralized exchanges, by aggregating it with centralized exchanges. The synthetic dollar that the firm offers would operate across dApps without relying on the infrastructure used by traditional finance firms.
Ethena proposes extending the utility of the synthetic dollar to bridge the gap between traditional and non-traditional financial institutions.
ENA deposits to exchanges
Ethena is trading at $0.921 on Binance, gaining almost 4% on the day. However, the token’s price could face headwinds from the recent whale activities. Two whales deposited 17.33 million ENA, worth around $15 million, to Bybit exchange in the past eight hours. One of the two whales still holds $6.47 million ENA, according to from crypto intelligence tracker SpotOnChain.
The move could mean that these large-wallet investors are intending to sell the token. If the whales take profits, it could negatively impact ENA price.
Two whales just deposited 17.33M $ENA ($15M) to #Bybit in the past 8 hours!
— Spot On Chain (@spotonchain) May 10, 2024
They received a total of 24.52M $ENA from the @ethena_labs on April 1 and 2. Currently, one of the whales still holds 7.18M $ENA ($6.47M).
However, this may not be an immediate sell order as the $ENA… pic.twitter.com/jUklVcyofS
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