Ethena Expands Beyond Ethereum through Injective Integration

UTC by Godfrey Benjamin · 3 min read
Ethena Expands Beyond Ethereum through Injective Integration
Photo: Depositphotos

Injective’s near-zero fees make it the most cost-effective gateway for users to obtain USDe, further enhancing accessibility and usability.

Ethena Lab and Injective Protocol have collaborated to usher in a new era of Decentralized Finance (DeFi), marking a substantial extension outside Ethereum‘s native ecosystem.

Ethena’s Leap Beyond Ethereum

According to the announcement made in a post on X, this collaboration made possible through Injective’s implementation of Ethereum standard EIP712, marks a momentous milestone as Ethena integrates with Injective, enabling seamless connectivity between Ethereum wallets, such as MetaMask, and the Injective network.

The integration facilitates a seamless linkage between Ethereum and Injective, allowing users to effortlessly generate an Injective wallet address that is automatically associated with their Ethereum wallet address.

Ethena, a synthetic dollar protocol built on Ethereum, has rapidly emerged as a prominent player in the crypto space, amassing nearly 1 billion in Total Value Locked (TVL) within a month of its inception. Ethena, backed by major Web3 investors such as Dragonfly, Bybit, OKX, Deribit, and Gemini, is destined to transform DeFi with its revolutionary approach to stable assets and yield generation.

At the heart of Ethena’s ecosystem lies USDe, a censorship-resistant, stable, and scalable synthetic dollar fully backed on-chain. Unlike traditional stable assets, USDe employs innovative technologies such as delta-hedging and utilizes established assets like ETH to maintain its peg to the dollar. Central to this ecosystem is the Internet Bond, a high-yield financial instrument democratizing investment opportunities and savings concepts.

With the integration of Ethena on Injective, users across Injective and the broader Inter-Blockchain Communication (IBC) ecosystem, now have access to USDe, allowing users to earn Shards,  Ethena’s point system starting on March 11th. Notably, users can access USDe through Injective-powered Decentralized Applications (dApps) like Helix.

Through a 5X shard multiplier incentive, users holding USDe on Injective will be incentivized, marking a historic moment for both platforms. Users can seamlessly track their shards on Ethena by connecting their MetaMask wallet associated with their Injective wallet address, with updates provided every 24 hours.

Injective: Powering Web3 Finance with Lightning Speed

Injective’s near-zero fees make it the most cost-effective gateway for users to obtain USDe, further enhancing accessibility and usability. With its lightning-fast speeds and interoperable layer one blockchain, Injective empowers developers to build premier Web3 finance applications, while its native asset, INJ, fuels its rapidly growing ecosystem.

In January, Injective rolled out the Volan upgrade, anchored in the integration of Real-World Assets (RWAs) and an enhanced implementation of the IBC protocol. This upgrade underlines Injective’s commitment to expanding its capabilities and supporting seamless interactions within the broader Cosmos ecosystem.

In conclusion, the integration between Ethena and Injective exemplifies the seamless access between Ethereum and Injective. With Injective’s speed, near-zero fees, and seamless connectivity with Ethereum native tooling, users can now unlock a vast array of opportunities, bridging the gap between Ethereum and Injective ecosystems.

As both platforms continue to innovate and collaborate, the future of decentralized finance looks brighter than ever before.

Blockchain News, Cryptocurrency News, Ethereum News, News
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