Injective Integrates Exclusively with Ethena to expand access to synthetic dollar

TL;DR

• Groundbreaking alliance: Injective and Ethena join forces, marking Ethena’s first foray outside of Ethereum and offering new opportunities to the Injective community.
• Easy access: Injective users can now easily acquire Ethena’s USDe synthetic dollar through dApps like Helix, with minimal transaction costs.
• Attractive rewards: Starting March 11, Injective users can earn Ethena shards by holding USDe in their wallets, with a 5X multiplier, stimulating participation in the ecosystem.

In a strategic move that marks a significant milestone in the world of decentralized finance (DeFi), Injective announces its exclusive integration with Ethena, taking the latter’s operations outside of the Ethereum ecosystem for the first time.

This exciting development not only expands the Injective community and the broader IBC community’s access to USDe, Ethena’s synthetic dollar, but also introduces the opportunity to earn Ethena Shards, a points system, starting March 11.

1/ @ethena_labs is integrating with Injective today, marking its first expansion outside of the Ethereum ecosystem.

Both the Injective and the broader IBC community now have access to USDe, enabling users to earn Ethena Shards beginning on March 11th.

Details below 👇

— Injective 🥷 (@injective) March 6, 2024

Ethena, a prominent figure in the crypto-space, has amassed close to $1 billion in Total Value Locked (TVL) in record time, thanks to its goal of revolutionizing DeFi with yield-generating synthetic tokens.

USDe, Ethena‘s synthetic dollar, offers a censorship-resistant, stable and scalable solution for the digital asset market, fully backed on-chain and free to compose on other protocols.

This innovative stablecoin relies on technologies like delta hedging and established assets like ETH to maintain its peg to the dollar.

The collaboration with Injective allows users of this platform to receive shards for holding USDe in their wallets, with a 5X multiplier in shards for those who hold USDe in Injective.

This integration not only represents the first time USDe has been integrated into Injective

Also the first launch outside of the native Ethereum world facilitating access to USDe for users on Injective, Cosmos and the broader IBC ecosystem.

Injective’s implementation of the Ethereum EIP-712 standard enables the seamless connection of Ethereum wallets like MetaMask to the Injective network, opening the door to a seamless and frictionless user experience.

Additionally, starting March 11, users will be able to track their shards directly on the Ethena platform, providing transparency and visibility into their rewards.

The ease of access to USDe through various dApps built on Injective, such as Helix, is supported by low or almost zero transaction costs on the platform, making dApps on Injective the most economical way to obtain USDe and earn shards from Ethena.

The partnership between Ethena and Injective marks a step forward in interoperability between Ethereum and Injective, opening new opportunities for the crypto community and cementing both projects’ position in the ever-evolving DeFi landscape.

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