Ethena Labs (ENA), a synthetic dollar protocol on the Ethereum (ETH) network, has successfully launched on the Blast Layer 2 solution. This launch is expected to promote the widespread adoption of USDe and sUSDe. Several web3 projects, including Thruster, Juice Finance, Hyperlock Finance, Orbit Protocol, Init Capital, and Renzo, will now offer USDe and sUSDe services.

Immediate Benefits of Ethena Labs Launch on Blast Network

Thruster will introduce USDe and sUSDe to liquidity provider pools paired with USDB, with both pools receiving maximum Ethena allocation and substantial rewards in Sats, Blast Gold, and Thruster Credit. Hyperlock Finance will provide an additional 5X Sats for users staking USDe and sUSDe. Juice Finance will allow users to borrow up to 3X against their USDB into Thruster and Hyperlock Finance V3 USDe for enhanced rewards. Orbit Protocol will enable USDe suppliers to access up to 4X leverage and receive significant rewards. Ethena Labs will support leveraged looping of USDe and sUSDe up to 5x via Init Capital. Single-sided deposits of USDe on Particle Trade will offer up to 20X Sats earnings.

Market Impact

The launch on the Blast L2 network marks a significant advancement for the Ethereum ecosystem. Ethena's USDe has recently risen to mid-cap stablecoin status, with a fully diluted valuation of approximately $2.92 billion and a 24-hour trading volume of around $101 million. Despite this progress, the announcement did not immediately boost the ENA price, which dropped about 7 percent to 84 cents. However, the Blast network's total value locked (TVL) of around $2.24 billion is expected to grow significantly in the coming months.