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As Ethena unveils plans to expand its product suite and penetrate traditional finance, the protocol’s native token, ENA, has experienced a surge in price and trading activity. The synthetic stablecoin protocol aims to cement its position as a “neobank,” introducing innovative products such as iUSDe and Telegram-based payments in early 2025.ENA Price Surges 18% As Ethena Unveils iUSDe and Telegram Payment AppAccording to an official blog post, Ethena plans to launch iUSDe, a synthetic dollar savings token for institutional finance, in Q1 2025. The protocol is also developing a Telegram-based payment app, integrating blockchain technology with mobile payments. These efforts align with Ethena’s ambition to merge crypto and traditional financial systems.The announcement fueled a strong rally in ENA price, which surged 19% to $1.24. The market capitalization rose to $3.75 billion, while trading volume increased by 50%, reaching $607 million. The price movement reflects heightened investor confidence in Ethena’s roadmap and product innovation.
This rally marks a major recovery from the recent ENA price dip, which saw a 10% decline amid massive whale selloffs. On-chain data revealed that ENA whales offloaded millions of ENA tokens to Binance, raising concerns about market volatility. Despite this, investor optimism remains high, fueled by Ethena’s ecosystem advancements.Role in On-Chain and Traditional Finance
In addition, Ethena accounted for 85% of on-chain USD growth in 2024, driven by its core synthetic stablecoin, USDe. The protocol has positioned itself as a leader in decentralized finance, achieving a total value locked (TVL) of $5.94 billion. Its innovative approach to maintaining dollar pegs and integrating with other platforms has contributed to its growth.With the launch of iUSDe, the stablecoin protocol will bridge the gap between crypto and traditional finance (TradFi). iUSDe, designed for financial institutions, employs transfer restrictions to comply with regulatory standards. It allows institutions to access crypto-native returns without direct exposure to blockchain infrastructure.Telegram Payments And Expansion PlansIn addition to iUSDe, the stablecoin protocol is building a payment app for Telegram users, leveraging the TON blockchain. This app will enable seamless mobile payments using USDe and Apple Pay. Telegram’s billion-user base provides an expansive market for Ethena’s payment solution.
The project also plans to introduce products like Ethereal, a crypto trading platform, and Derive, an options protocol. These tools, alongside USDtb integrations, will diversify offerings and enhance its appeal to both retail and institutional investors.Moreover, recent data shows USDe nearing a market cap of $6 billion, reflecting a 140% growth since October. Built on the Ethereum network, USDe has been gaining traction as a scalable and censorship-resistant stablecoin alternative. This rising demand has fueled ENA price surge.
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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.
