Today, Injective announces its exclusive integration with Ethena, marking the first integration for Ethena outside of the broader Ethereum ecosystem.
This collaboration paves the way for Injective and the wider IBC community to access USDe and participate in Ethena’s Shard Campaign, creating further opportunities to earn for users.
What is Ethena?
Ethena stands as a prominent player in the crypto sphere, having amassed nearly 1 billion in Total Value Locked (TVL) in less than a month. It aims to revolutionize DeFi with the creation of yield-bearing synthetic tokens.
USDe is Ethena’s synthetic dollar, which provides a censorship-resistant, stable, and scalable solution for the digital asset market, backed fully on-chain and free to compose on other protocols. Unlike traditional stable assets, USDe relies on innovative technologies, such as delta-hedging and established assets like ETH, to maintain its peg to the dollar.
Central to this ecosystem is the Internet Bond, a high-yield financial instrument democratizing investment opportunities and savings concepts. By leveraging staked ETH and derivatives markets, Ethena ensures the stability of the USDe peg while generating substantial yields, creating a new type of stable asset, called the synthetic dollar.
Ethena has received backing from some of the foremost investors in Web3 including Dragonfly, Bybit, OKX, Deribit and Gemini.
Bringing the Internet Bond to the Fastest L1
With this integration, USDe will be available to Injective users starting Wednesday, March 6th. Additionally, through this exclusive collaboration, holders of USDe on Injective will be eligible to participate in the Ethena Shards Campaign beginning Monday, March 11th.
Ethena will allow Injective users to receive shards for holding USDe in their Injective wallets. Users who hold USDe will receive 5x shards (or points) on the Ethena protocol, which counts shards as a part of their “Shards Campaign '' to promote engagement and community participation within the protocol.
Not only is this the first integration of USDe on Injective but it is also the first launch outside of the Ethereum native world. Now users across Injective, Cosmos and the broader IBC ecosystem can access USDe with ease. In addition, Injective’s near zero fees mean that dApps on Injective are now the cheapest gateway to earn Ethena shards.
How will Ethena work with Injective?
The Ethena integration is made possible with Injective’s implementation of Ethereum standard EIP712, allowing Ethereum wallets, such as MetaMask, to seamlessly connect to the Injective network and generate an Injective wallet address that is automatically linked to an Ethereum wallet address.
Ethena will leverage this integration to query the Injective network for these Ethereum addresses that hold USDe, and grant shards to these users on the Ethena dApp.
How do I obtain USDe on Injective?
Users can access USDe across various dApps built on Injective.
This includes the likes of Helix, the premier decentralized exchange built on Injective. Users simply need to connect a wallet to obtain USDe with the lowest fees in all of crypto.
USDe/USDT Market Details
- Base asset: USDe
- Quote asset: USDT
- Minimum price tick size: $0.0001 USDT
- Minimum quantity step: 0.1
- Trade and earn multiplier: 1X maker pts; 1X taker pts
- Fee: -0.01% maker fee; 0.1% taker fee
To get USDe on Helix, click here.
How do I check my Ethena Shards?
Users who hold USDe on Injective will be able to track their shards directly on Ethena by connecting their MetaMask wallet associated with their Injective wallet address. Shards are updated every 24 hours on the Ethena platform.
Keplr users can also participate in Ethena’s Shard Campaign. Keplr users simply need to import their Keplr wallet address into a new MetaMask account to receive shards. Keplr users will be able to obtain USDe on Helix with their Keplr account, and connect their new associated MetaMask account to Ethena to view their earned shards.
To learn how to import your Keplr wallet to MetaMask, click here.
The Future of Ethereum Assets on Injective
The integration with Ethena exemplifies the seamless access between Ethereum and Injective.
With Injective, Ethereum users are able to directly obtain novel Ethereum-based assets such as USDe at lightning-fast speeds, near zero fees while utilizing Ethereum native tooling and wallets such as MetaMask. In doing so, Injective unlocks a vast array of opportunities for both the Injective community and the world of crypto as a whole.
About Injective
Injective is a lightning fast interoperable layer one blockchain optimized for building the premier Web3 finance applications. Injective provides developers with powerful plug-and-play modules for creating unmatched dApps. INJ is the native asset that powers Injective and its rapidly growing ecosystem. Injective is incubated by Binance and is backed by prominent investors such as Jump Crypto, Pantera and Mark Cuban.
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About Ethena
Ethena is a synthetic dollar protocol built on Ethereum that will provide a crypto-native solution for money not reliant on traditional banking system infrastructure, alongside a globally accessible dollar denominated savings instrument - the “Internet Bond”. Ethena's synthetic dollar, USDe, will provide the first censorship resistant, scalable and stable crypto-native solution for money achieved by delta-hedging staked Ethereum collateral. USDe will be fully backed transparently onchain and free to compose throughout DeFi.