USDe becoming available for deposit on Ether.fi in exchange for liquid restaking token

Quick Take

  • As a result of a partnership, Ethena’s USDe will become available for deposit on Ether.fi in exchange for a new liquid restaking token called eUSDe.
  • The new token “will provide a dollar-pegged asset for EigenLayer restaking.”

Ethena has announced a partnership that will allow users to deposit USDe on Ether.fi in exchange for a new liquid restaking token, or LRT.

Dubbed eUSDe, the new LRT will also provide a dollar-pegged asset for EigenLayer restaking, according to a statement.

"As the first ever dollar-pegged collateral usable within EigenLayer, the eUSDe LRT will provide a unique opportunity for restakers across systems and protocols to utilize less volatile collateral for their restaking activities" the statement said.

Ether.fi has over $5.7 billion in total value locked, according to crypto data platform DeFi Llama.

"As part of the Ethena and Eigenlayer integration, Ether.fi’s USDe vault will allow users to deposit a number of different stablecoins in return for the new eUSDe LRT, which will be used to secure other systems and protocols as part of generalized restaking," the statement said.

Ethena uses a derivates trading strategy to maintain the stability of its USDe synthetic dollar by taking short positions in ETH or ETH-related derivatives to offset losses in the backing ETH collateral. 

Last month, Ethena Labs announced a new integration that allows users to buy and sell its USDe stablecoin on Solana.


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RT Watson is a senior reporter at The Block who covers a wide array of topics including U.S.-based companies, blockchain gaming and NFTs. Formerly covered entertainment at The Wall Street Journal, where he wrote about Disney, Netflix, Warner Bros. and the creator economy while focusing primarily on technological disruption across media. Previous to that he covered corporate, economic and political news in Brazil while at Bloomberg. RT has interviewed a diverse cast of characters including CEOs, media moguls, top influencers, politicians, blue-collar workers, drug traffickers and convicted criminals. Holds a master's degree in Digital Sociology.

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