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Ethena Labs and Lyra Finance Collaborate on Unique ETH Strategy
- Lyra Finance partners with Ethena Labs to offer leveraged ETH exposure with no upfront capital risk.
- Ethena Labs’ USDe Stablecoin Gains Utility with Cloudbet and Bybit Integration
Restaking of the Lyra Finance derivative platform announced in a recent tweet its partnership with Ethena Labs. Thanks to this partnership, users of the site have greater exposure to ETH without taking any initial risk.
By keeping sUSDe yields constant when ETH prices remain constant, users could earn up to 2.5x their sUSDe yields when the ETH price increases.
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Today we collaborate with @ethena_labs to give users extra exposure to the upside of ETH without risking any of their initial capital.
Earn 2.5x the yield of your sUSDe when ETH rises and preserve it when ETH is flat.
Deposit Now → Italian: https://t.co/bGjEaIaQY3 photo.twitter.com/dXp64AX6p5
— Lyra (@lyrafinance) July 9, 2024
Lyra Finance’s Strategic Use of Bull Call Spreads to Gain Greater Exposure to ETH
Lyra Finance clarified how this alliance works by stating that they use the previous week’s USDE yields to capture bullish call spreads.
Using leveraged exposure to ETH, this strategy maximizes the best performing dividends in a bull market. This creative approach seeks to optimize user returns while reducing the risk of initial capital investment.
Positive sentiment around Ethena Labs this year has led to predictions that it, along with Ripple’s XRP, will surge to $1, based on a previous CNF relationship.
Meanwhile, the price of ENA at the time of writing is around $0.4086which shows a 6.87% increase in the last 24 hours. ENA remains in a medium-term bearish pattern despite this recent increase, which suggests some market concern.
With a market cap peaking at $1.9 billion, ENA has previously had a notable rise, up over 90% after the launch. This extraordinary result underlines the growing interest in, as well as trust in, Ethena Labs and its products.
Not only that, Ethena Labs has also formed another noteworthy alliance with the top cryptocurrency casino and bookmaker Cloudbet. As a result of this collaboration, Cloudbet added Ethena USDe (sUSDe) on its platform, increasing the use and accessibility of Ethena Labs’ stablecoin.
Regarding their stablecoin, Ethena Labs has released a triple attestation report that ensures the safety of the $2.67 billion in underlying assets that back their USD stablecoin. The document confirms that these assets are held in institutional custody arrangements, ensuring their continued off-exchange protection from potential market instability.
May also saw USD integrated with popular cryptocurrency exchange Bybit as collateral for perpetual futures trading. For Ethena Labs, this integration represents another major game changer as it improves the acceptance and usability of their stablecoin in the broader cryptocurrency landscape.
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