Ethena(ena)

A new framework assigns protocol IP and value accrual to the Ethena Foundation, while a live vote would use effectively 100% of net revenue for ENA purchases.

The world's largest asset manager will list the USDe synthetic dollar as an approved asset on its institutional risk platform, while its BUIDL fund becomes the primary backing for Ethena's whitelabel stablecoins.

The OCC-chartered crypto bank will hold borrower collateral in segregated custody and run real-time margining for Ethena's overcollateralized loan book, configuring DeFi-native lending around bank-grade controls.

The exchange's venture arm bought ENA tokens directly on the open market rather than through a private round, the first such disclosed purchase, alongside a partnership to push Ethena's onchain dollar and savings products into Coinbase's userbase.

The synthetic dollar protocol is moving beyond its crypto basis trade roots into institutional lending, real-world credit, and equity and commodity perpetuals.

As perpetual futures positions shrink to just 11% of USDe's backing, the protocol argues its unstaking delay no longer reflects the liquidity available to meet redemptions.

An analysis from WuBlockchain shows basis trade capital at record lows as hedging crowds out leveraged longs, pushing derivatives markets toward an unusual equilibrium.

The Hyperliquid front-end developed by Based is now the second-largest HIP-3 market.

The shutdown comes after months of delays on Converge’s mainnet, leaving Terminal Finance without the ecosystem it was built for.

Users were left waiting for over a month after the synthetic dollar protocol’s Season 4 concluded in September.