Ethereal Exchange proposes to integrate the DEX into Ethena hedging engine and liquidity rom launch, ENA price shoots 20%.
Ethereal, an integrated spot & perpetual futures DEX, requests the Ethena community to approve a proposal to directly integrate the DEX into Ethena-related reserve management from launch. It will help provide a fully on-chain venue for the management of spot and derivative positions backing USDe. ENA price skyrocketed over 20% as traders reacted immediately.
Ethereal Exchange Proposal Integration with Ethena
On September 20, Ethereal Exchange submitted a proposal for governance voting in Ethena forum. It requests the Ethena community to approve the launch of spot and perpetual exchange built on USDe and integrated into the Ethena hedging engine and liquidity.
“We are requesting support from the Ethena community for an integration with Ethereal as a venue for executing hedging transactions, subject to satisfactory technical due diligence conducted by the Ethena Foundation and Risk Committee.”
In addition, the move would offer an expanded utility and demand for USDe. The passing of the proposal commits a 15% allocation of any potential Ethereal governance token to ENA holders. The Ethena community is actively discussing the mutual benefit and added value.
Ethereal V1 is an L3 EVM appchain settling to the Ethena Network. Also, a testnet is expected in Q4 this year, with potential launch of the DEX in 2025.
ENA Price Shoots Over 20%
Traders responded immediately to the new proposal by Ethereal Exchange, considering new developments in the Ethena ecosystem. Last week, Ethena Labs announced launch of a UStb stablecoin collateralized fully by BlackRock and Securitize offering differentiated risk profile to USDe.
Ethena price saw a 24-hour low of 0.3496 and a high of 0.4179 after an almost 50% rally in a week. ENA price jumped 20% in the past 24 hours, with the price currently trading at $0.411. Furthermore, the trading volume has shot up by 145% in the last 24 hours, indicating a massive interest among traders.
Derivatives market also witnessing massive buying of the token. Coinglass data indicates ENA futures open interest shoots over 13% in 4 hours and over 20% in 24 hours. Huge buying activity was noticed across exchanges such as Binance, Bybit, and Coinbase, taking the total ENA futures OI to $190 million.
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