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Ethena to Use Solana As Reserves for USDe, ENA Price Shoots 17%
Published
4 hours agoon
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adminIn the latest development, the Ethena community introduced a new proposal that seeks to use Ethereum’s Layer-1 competitor Solana as a reserve asset for its synthetic dollar USDe. This development has sent the Ethena (ENA) price soaring by another 17% today to $0.39 thereby taking its market cap above $1.06 billion.
Ethena to Use Solana As A Backing Asset for USDe
Earlier today, the Ethena community introduced a new proposal for backing its synthetic dollar USDe. Interestingly, this Solana-backing mechanism proposal from Ethena is similar to the hedging mechanism employed by Ethena for BTC and ETH perpetual futures.
In addition to SOL, the proposal suggests adding Binance Liquid Staked SOL (BNSOL) and Bybit Liquid Staked SOL (bbSOL) as eligible backing assets for USDe. Thus, this expansion seeks to diversify the asset pool supporting the synthetic dollar, thereby enhancing its ability and utility in decentralized finance (DeFi).
In August this year, Ethena launched its USDe stablecoin on the Solana blockchain using Layerzero’s OFT standard. The official announcement from the Ethena Foundation reads:
“The proposed allocation would be scaled into slowly in consultation with the Risk Committee considering SOL perpetual futures shorter history of trading, less liquidity, and less historical funding rate data”.
The inclusion of Solana-backing can boost the Ethena Finance protocol revenue through SOL funding rates while unlocking $2-3 billion in additional open interest. This will allow Ethena to scale USDe beyond its current supply of $2.5 billion and thus cater to the market demand.
Etherna’s USDe Synthetic Dollar has gained huge traction in a very short period by gaining a $2.5 billion market cap and seeks direct competition with Tether. The USDe is also the first scalable, censorship-resistant, and stable crypto-native solution where it ensures peg stability using delta hedging derivatives positions.
Also, Ethena’s recent launch of the UStb stablecoin in partnership with BlockRock and Securitize strengthens its market presence, positioning USDe as a strong contender in the stablecoin space.
ENA Price Jumps 17%
ENA, the native cryptocurrency of Ethena saw a strong surge this past week moving closer to $0.40. As of press time, the ENA price is up 17% to $0.3869 with its market cap once again crossing over $1 billion amid strong bullish action. On the weekly chart, the ENA price is up by 28%.
The technical chart parttern shows that the recent breakout could lead to immediate ENA price targets of $0.5080 and $0.69. If it successfully breaches these levels, it could attain it all-time high of $1.5.
Bhushan Akolkar
Bhushan is a FinTech enthusiast with a keen understanding of financial markets. His interest in economics and finance has led him to focus on emerging Blockchain technology and cryptocurrency markets. He is committed to continuous learning and stays motivated by sharing the knowledge he acquires. In his free time, Bhushan enjoys reading thriller fiction novels and occasionally explores his culinary skills.
Disclaimer: The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.
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US SEC to Appeal XRP Secondary Sales In Ripple Lawsuit, Says Ex-SEC
Published
22 hours agoon
October 13, 2024By
adminFormer SEC official Marc Fagel has indicated that the U.S. Securities and Exchange Commission (SEC) may appeal the court ruling regarding secondary sales of XRP. This follows a landmark decision which found that primary sales of XRP were not securities. However, Fagel highlighted that the Ripple case did not address secondary market sales, which the SEC might now target.
Ex-SEC Marc Fagel Predicts SEC Appeal in Ripple XRP Case
According to Marc Fagel, the SEC is likely to appeal the decision on the secondary sales of XRP. He emphasized that the previous Ripple court ruling explicitly excluded these sales from its verdict, thus opening a window for the SEC to readdress this issue.
The former SEC official emphasized,
”I’m just saying they’re not foreclosed by the Ripple decision from bringing a case against another entity selling XRP as a security”
Fagel’s commentary sheds light on potential future actions by the SEC, which remains vigilant in interpreting what constitutes security under its jurisdiction.
In response, Lawyer Bill Morgan questioned the rationale behind treating the Bitnomial XRP futures as security futures contracts. He pointed out the inconsistency in regulatory enforcement, especially when comparing XRP to similar cases with Ethereum (ETH), where the SEC had previously shown no objections to the futures contracts.
Morgan expressed frustrations, stating,
“I cannot abide such arbitrary enforcement. No wonder the crypto market is so distorted towards Bitcoin and Ethereum.”
Legal Challenges and Industry Reactions
In addition, Ripple CEO Brad Garlinghouse has criticized the SEC’s persistent stance that XRP is a security despite court rulings suggesting otherwise. His criticisms underscore a broader industry frustration over what many see as arbitrary and overreaching regulatory actions.
Garlinghouse’s comments came after the SEC was perceived as disregarding a judicial decision during its ongoing litigation with the crypto derivatives exchange Bitnomial. In support, Brad promised Ripple would follow up on the developments to hold the commission accountable.
Moreover, the Bitnomial case itself has become a significant point of contention. The exchange has argued that XRP futures should be regulated by the Commodity Futures Trading Commission (CFTC), not the SEC. Concurrently, the exchange advocates that XRP is not a security and should not be subjected to such stringent securities laws.
These developments come amid Ripple’s cross-appeal in the ongoing legal battle with the US Securities and Exchange Commission (SEC). This strategic legal move by Ripple aims to address unresolved issues beyond the initial ruling that XRP is not a security. Specifically, the cross-appeal will tackle the broader implications of the SEC’s claims about XRP sales on various exchanges and other distributions, which the SEC had attempted to appeal earlier.
Ronny Mugendi
Ronny Mugendi is a seasoned crypto journalist with four years of professional experience, having contributed significantly to various media outlets on cryptocurrency trends and technologies. With over 4000 published articles across various media outlets, he aims to inform, educate and introduce more people to the Blockchain and DeFi world. Outside of his journalism career, Ronny enjoys the thrill of bike riding, exploring new trails and landscapes.
Disclaimer: The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.
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Cardano Founder Charles Hoskinson Calls Out Craig Wright Amid Recent Lawsuit
Published
1 day agoon
October 13, 2024By
adminCardano’s founder, Charles Hoskinson, did not hold back his criticism following Craig Wright’s latest legal maneuver—a colossal £911 billion lawsuit against Bitcoin Core and Square.
Hoskinson, a well-known figure in the crypto space, expressed frustration over Wright’s ongoing legal actions. He questioned why authorities continue to permit such legal maneuvers. He also suggested that Wright’s persistent lawsuits reflect an abuse of the legal system. This is fueled by what he sees as baseless claims and delusional behavior.
Charles Hoskinson Calls Out Craig Wright Amid Recent Lawsuit
Cardano founder Charles Hoskinson has unleashed Craig Wright’s latest legal salvo, a gargantuan £911 billion ($1,2 trillion) lawsuit filed against Bitcoin Core and Square in particular.
According to the CaseBoard, Wright has filed a giant claim amounting to some £911 billion for “falsely representing that Bitcoin Core Vision/BTC is the original Bitcoin.” The controversial figure continues to claim to be the true inventor of Bitcoin despite continuous disputes and skepticism.
Charles Hoskinson even shared his frustration on Twitter, wondering why Wright wasn’t in prison for “abusing the legal system” through what he labeled as “fantasies and sociopathic delusions”. This happened after Wright filed a lawsuit for £911 billion. This aggressive critique underlines general aversion toward Wright’s controversial legal practices.
A Long-Running Crypto Battle: Hoskinson vs. Wright
The self-proclaimed Satoshi claims those aforementioned entities have misrepresented BTC as Bitcoin’s originator. As one of the more outspoken people in the crypto space, Charles Hoskinson questioned aloud why regulators allowed Wright to continue abusing the courts.
The clash between the controversial entrepreneur and Cardano’s founder has a long history. Last year, Wright was highly critical of Hoskinson and the Cardano project. He accused him of misleading the community and questioning his contributions to the space.
Resistance to Wright’s claims extends across the crypto industry. Hoskinson, therefore, expressed doubts about Wright being Satoshi. He cited differences in knowledge, character, communication style, and a focus on patents that needed to align with Satoshi’s principles.
Hoskinson’s comments reflect a general frustration within the industry at Wright’s contentious history of lawsuits and controversy over his claims. They add to the continuing debate on the question of Wright’s legitimacy and motives.
The Real Satoshi is Still Undiscovered After All
Finally, after a series of rumors, HBO came forward with the mysterious Satoshi Nakamoto, the one behind Bitcoin-Peter Todd. Since he is prominent in the field of cryptography and has frequently commented on Bitcoin developments, several debates were sparked.
During such talk, Todd quickly denied all such claims about him being the founder through his social media accounts.
Earlier, Len Sassaman had also come in focus of Polymarket punters as the real Satoshi Nakamoto in charge of Bitcoin. However, even that has been proved a false alarm.
Since these assumptions have turned out to be pretty wrong, these suppositions bring the crypto community and Charles Hoskinson for that matter – no closer to an answer. Satoshi’s identity, therefore, remains one of the biggest unsolved mysteries that has kept crypto enthusiasts guessing.
Teuta
Teuta is a seasoned writer and editor with over 15 years of experience in macroeconomics, technology, and the cryptocurrency and blockchain industries. Starting her career in 2005 as a lifestyle writer for Cosmopolitan in Croatia, she expanded into covering business and economy for several esteemed publications like Forbes and Bloomberg. Influenced by figures like Don Tapscott and Bruce Dickinson, Teuta embraced the blockchain revolution, believing crypto to be one of humanity’s most crucial inventions. Her fintech involvement began in 2014, focusing on crypto, blockchain, NFTs, and Web3. Known for her excellent teamwork and communication skills, Teuta holds a double MA in Political Science and Law, enjoys punk rock, chablis, and has a passion for shoes.
Disclaimer: The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.
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SUI Price Soars To New ATH, What’s Next?
Published
1 day agoon
October 13, 2024By
adminIn the latest ‘Everything Crypto’ podcast, the analyst fleshes out SUI price reaching its ATH, and what exactly drove the price upwards.
He kept bullish sentiment on SUI prospects, mainly because the general trend for altcoins is always to outshine Bitcoin in this market cycle. SUI price has been able to reach new all-time highs in the recent surge and thus entered price discovery, showing very strong upwards momentum.
He further said this was likely to continue on this growth trajectory, courtesy of continuous ecosystem expansion and technological capability and performance metrics that set the blockchain apart from competitors.
SUI Price Bullish Outlook: 118% Monthly Gain, New Highs Expected
The price of SUI, the leading layer-one blockchain, has increased by 118% in the last month alone and by 452% in the last year, reaching its all-time-high.
The ‘Everything Crypto’ analyst remained bullish on SUI potential, especially now that altcoins typically outperform Bitcoin in this market phase. The recent breakout to new all-time highs and price discovery mode is underway.
He concluded it would continue higher, considering the still-expanding ecosystem and actual technological and performance metrics set it apart from other blockchains.
This increase has tracked the movement in the blockchain’s ecosystem metrics, such as the total number of active accounts, total daily transactions, and total value locked. However, not everyone was convinced that SUI price will go up. Just a day ago, data from Coinglass showed high SUI exchange inflows for the past two consecutive weeks, suggesting that holders have possibly been sending the coins to exchanges to sell.
Still, SUI, at some point, even overtook Solana in daily transactions, recording 58 million, thus illustrating its very high throughput of transactions and fast time to finality. This network currently remains one of the leading competing layer-one blockchains capable of handling 297,000 transactions per second and having time to finalize 400 milliseconds.
USDC Integration and Growing Ecosystem
Another significant development is the recent launch of native USDC on SUI, which will enable the creation of more financial products in the DeFi space and give users access to digital dollar savings without exposure to traditional banks. With USDC natively present, there will no longer be a need for bridging via Wormhole or similar services that make cross-chain transactions seamless.
He compared SUI to Solana, even saying that the token could be the Solana of this crypto cycle. He added that, for now, its market cap is around $6 billion, which was what Solana was in April 2021 before it soared upward over $250 at its peak. If SUI did the same thing, then at least a tenfold increase in its market capitalization would push its price to approximately $22.5 per token.
This is in addition to continued growth in the token’s ecosystem metrics and ramping adoption, placing it as one of the strongest-performing altcoins. The analyst said this makes monitoring key ecosystem developments very significant, including new token launches and large partnerships that could further propel SUI demand and token price.
The latest jump in SUI price partly comes from Bybit Launchpool’s decision to support the coin as its first native token. This is an essential move for Bybit and the SUI ecosystem, showing a growing interest in the token and belief in its potential and capabilities.
Renowned Analyst Predicts Rise
A widely followed crypto analyst had predicted the possibility of a new peak just hours before SUI price reached its high.
In that regard, according to Michaël van de Poppe, an analyst widely recognized for updates on what to expect from the cryptocurrency market, he told his over half a million followers on X that SUI, a blockchain platform, and someone would consider a rival to Solana, was about to experience a breakout.
He forecasted a potential movement of more than 23% from its price levels and mentioned the $1.79 mark as the vital support the coin already had a bounce from, jumping 10%. His projection indicated that more upside could be seen, with the target falling between $2.25 and $2.50.
The SUI price changed hands at $2.23, up a whopping 117% since September 12.
Teuta
Teuta is a seasoned writer and editor with over 15 years of experience in macroeconomics, technology, and the cryptocurrency and blockchain industries. Starting her career in 2005 as a lifestyle writer for Cosmopolitan in Croatia, she expanded into covering business and economy for several esteemed publications like Forbes and Bloomberg. Influenced by figures like Don Tapscott and Bruce Dickinson, Teuta embraced the blockchain revolution, believing crypto to be one of humanity’s most crucial inventions. Her fintech involvement began in 2014, focusing on crypto, blockchain, NFTs, and Web3. Known for her excellent teamwork and communication skills, Teuta holds a double MA in Political Science and Law, enjoys punk rock, chablis, and has a passion for shoes.
Disclaimer: The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.
Source link
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