USDe denominated perps exchange is really clever from Ethena. Best way to scale is to maximize the value held in USDe (fewer claims on basis yield). Historically they've done this through Sats, but expanding product line to intrinsically do this scales the business well.
USDe-native perps trading is now live on Ethereal! Ethereal users will earn USDe rewards on their full margin balance while trading. The ecosystem of projects building USDe-native products continues to grow.
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