🧐 Ethena 2025 Roadmap｜Ethena plans to launch iUSDe, a spot trading platform Ethereal, and an on-chain options protocol Derive——

What are the key points to pay attention to? Why is $ENA worth buying in 2025?

Ethena @ethenalabs @leptokurtic released the 2025 roadmap "Convergence", and it is clear that this is an absolute positive signal, reflected in the token $ENA rising in response;

ENA is my lucky star coin in this bull market, and I proposed early on that the Ethena project could become a dark horse;

The Ethena protocol is the fastest dollar asset to reach a supply of $5 billion in crypto history, achieving $276.47 million in revenue throughout 2024; this is a phenomenal product in the current crypto market;

Especially with the upcoming year of 2025, whether from U.S. policies, Grayscale investments, or Ethena's own upgrades, it is poised to lead a new round of growth;

Friends interested can study with me as an alternative:

The report claims: Ethena's next growth will mainly be driven by exporting products to traditional finance and will launch a new product "iUSDe" next month, aimed at exporting sUSDe in a regulated form to the TradFi sector.

"iUSDe" is similar to sUSDe but adds a simple wrapper contract, increasing some transfer restrictions at the token level so that traditional financial entities can hold and use it, allowing traditional finance to efficiently access this product without touching the cryptocurrency space.

Full text: https://mirror.xyz/0x29a99F7Fe080F72223dAd48D5E1E86670a984326/zM601bYC8Tqhh2Yg5JbWdbwUVFSDBV_aV7ipxHoOFvM

This article covers the following topics:

1) Summary of Ethena's metrics for 2024;

2) The underlying logic of Ethena entering the traditional finance sector, providing a tailored sUSDe product;

3) Why sUSDe is the next logical step for traditional finance after ETFs, its prospects and future trends;

4) The macro positive factors for USDe in a loose interest rate environment;

5) The current and future landscape of cryptocurrency dollars;

6) Ethena will build a Telegram savings and payment application for 1 billion people;

7) Ethena Network ecosystem applications and new chains;

The core content mainly includes:

1️⃣ The launch of iUSDe and its differences from sUSDe:

Ethena will launch a new product "iUSDe" next month, aimed at introducing sUSDe in a regulated form into the traditional finance (TradFi) sector. This means iUSDe could become a bridge, allowing traditional financial institutions to more easily access the decentralized finance (DeFi) ecosystem: such as asset management companies, private equity funds, ETF product issuers, private trusts, and brokers.

Differences between sUSDe and iUSDe——

sUSDe is a staked stablecoin on the Ethena platform, essentially a staked version of USDe, designed to provide additional yield through a staking mechanism. It is mainly used within the DeFi ecosystem as a means of providing liquidity, for example, users can stake sUSDe to earn yields or place it in @pendle_fi to earn yields.

iUSDe is the regulated version of sUSDe in the traditional finance (TradFi) sector, achieved by adding a simple wrapper contract. It is designed for the traditional financial market, allowing traditional financial institutions to hold and use products similar to those provided by sUSDe, but under more regulation.

In simple terms: iUSDe focuses more on meeting traditional financial regulatory requirements, providing more legitimacy and compliance, while sUSDe purely serves the DeFi ecosystem;

sUSDe mainly attracts users from the cryptocurrency and DeFi ecosystems, while iUSDe targets participants in the traditional financial market;

sUSDe is used for staking and liquidity provision in DeFi, while iUSDe is designed for use in the traditional financial market, potentially as a new investment or savings tool.

2️⃣ Telegram payment application:

Ethena plans to address payment and savings tool use cases by building dedicated applications within the Telegram and TON ecosystems, specifically launching a dedicated use case for sUSDe within the Telegram app, allowing users to send, spend, and save tokens in a mobile banking-like experience.

This will leverage Telegram's vast user base, enabling sUSDe to be more widely used in daily transactions and savings;

3️⃣ Development of Ethereal and Derive:

In addition to core products, Ethena will continue to transition from a single asset issuer to a best-in-class builder, leveraging and implementing on-chain financial innovations.

There are currently two potential plans: the spot trading platform Ethereal and the on-chain options and structured products protocol Derive. Ethereal will open its testnet next month, while Derive will launch its token within the next two weeks. These are just the first examples in the entire DeFi ecosystem built on sUSDe, with more examples to be launched in the first quarter of 2025.

Summary: The bull market of 2025 and the rapid development of ENA:

Ethena's vision is to reshape the cryptocurrency system, establishing a bridge between DeFi, CeFi, and TradFi to promote the prosperity of the next generation of internet finance. Its first stablecoin USDe has achieved deep integration in several key areas of DeFi, including money markets, leveraged collateral for derivatives markets, stablecoin infrastructure, interest rate swap agreements, and spot AMM DEXs.

The launch of iUSDe means Ethena will enter the traditional financial market, and I believe it is not that Ethena needs the traditional financial market, but rather that the traditional financial market needs Ethena;

If the market sentiment is more active in the first and second quarters of the 2025 bull market, USDe will definitely continue to grow, leaving room for traditional institutions to join.

This roadmap initiative is something we as investors love to see;

ArkStream Capital wrote in "Why We Invested in Ethena After Trump Took Office":

We believe Ethena will become one of the important financial tools for implementing Trump’s policies. The implementation of Trump’s policies will also promote Ethena's strategic position in the U.S. economic revival and global financial reshaping, becoming an important support for the domestic and global digital financial ecosystem. As an industry pioneer, ArkStream Capital will witness this great transformation of the decentralized financial era alongside Ethena.

All of this is coming to fruition!

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