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Ethena Eyes Growth Surge Backed by MakerDAO’s Stablecoin Power

Published 04/02/2024, 01:27 PM
Updated 04/02/2024, 01:45 PM
Ethena Eyes Growth Surge Backed by MakerDAO’s Stablecoin Power

  • Maker DAO has reportedly planned to invest $600 million DAI into USDe and sUSDe via Morpho Labs.

  • The development is expected to trigger the growth of USDe and sUSDe issuer Ethena, driving its TVL to highs.

  • The proposal intends to invest more into the project with the growth of Ethena.

Maker DAO, a decentralized blockchain protocol on Ethereum, has reportedly planned to invest $600 million in DAI into USDe and staked USDe (sUSDe) via the DeFi lending protocol, Morpho Labs, driving Ethena Labs’ growth.

While both USDe and sUSDe are issued by Ethena, a synthetic dollar protocol built on Ethereum, the astounding development is expected to drive its total value locked (TVL) to highs. Ethena’s Head of Growth, Seraphim Czecker, shared an X post, revealing MakerDAO’s move to invest in USDe and sUSDe. According to his post, “Ethena TVL growth is on track with internal expectations.”

The post Ethena Eyes Growth Surge Backed by MakerDAO’s Stablecoin Power appeared first on Coin Edition.

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