TechFlow news, on August 1, according to DL News, Ethena previously announced it would allow derivatives traders to use its synthetic dollar USDe as collateral, despite potential risks. Guy Young, founder of Ethena Labs, said in an interview that the company and its partners have taken adequate precautionary measures. Ethena will distribute USDe short positions across five exchanges it partners with. According to Ethena's website, 48% of USDe shorts are on Binance, 23% on Bybit, 20% on OKX, 5% on Deribit, and 1% on Bitget.
Through this approach, Ethena aims to minimize the impact of unforeseen events on any single exchange. The same principle applies to diversifying risk across different supporting assets. 50% of USDe is backed by Bitcoin, 30% by Ethereum, 11% by Ethereum liquid staking tokens, and 8% by Tether's USDT stablecoin.
Previous report, Ethena Labs announced that starting August 2, Bybit users will be able to earn a daily annualized percentage yield (APR) of up to 20% by holding USDe or using USDe as margin for derivatives trading.
