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.

The synthetic stablecoin’s market capitalization has shed over $5 billion in just three and a half weeks.

The Ethena community-approved spot and perp DEX launched its mainnet with early access for USDe-based trading.

The new token will eventually replace $750 million worth of stablecoins in Jupiter’s liquidity pool.