Ethena Labs and Lyra Finance Partner for Unique ETH Strategy

• Lyra Finance partners with Ethena Labs to offer leveraged ETH exposure with no initial capital risk.
• Ethena Labs’ USDe stablecoin gains utility through integration with Cloudbet and Bybit.

Lyra Finance Retaking Derivatives Platform announcement in a recent tweet, its partnership with Ethena Labs. Through this partnership, users of the site benefit from greater exposure to ETH without incurring any upfront risk.

While retaining their sUSDe yields when ETH prices remain constant, users can potentially earn up to 2.5x their sUSDe yields when ETH prices increase.

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Lyra Finance’s Strategic Use of Bull Call Spreads for Increased ETH Exposure

Lyra Finance clarified how this alliance works by specifying that they use the USDE yields from the previous week to acquire bullish call spreads.

By using leveraged ETH exposure, this strategy maximizes the best-performing dividends in a bull market. This creative approach aims to maximize user returns while reducing the risk of initial capital investment.

Positive sentiment towards Ethena Labs this year has led to predictions that, along with Ripple’s XRP, its price would surge to $1, based on a previous CNF report.

Meanwhile, the price of ENA at the time of writing is around $0.4086which shows a 6.87% rise over the past 24 hours. ENA remains in a medium-term downtrend despite this recent rise, suggesting some market concern.

With a market capitalization reaching a peak of $1.9 billion, ENA had already seen a notable increase, up more than 90% after the launch. This exceptional achievement underlines the growing interest in and confidence in Ethena Labs and its products.

Additionally, Ethena Labs has also formed another remarkable alliance with crypto casino and sportsbook Cloudbet. As a result of this collaboration, Cloudbet added Ethena USDe (sUSDe) to its platform, increasing the use and accessibility of the Ethena Labs stablecoin.

Regarding their stablecoin, Ethena Labs has published a triple attestation report guaranteeing the security of the $2.67 billion in underlying assets backing its USD stablecoin. The document confirms that these assets are held in institutional custody arrangements, ensuring their continued off-exchange protection against potential market instability.

Maybe I saw it too USD integrated into popular cryptocurrency exchange Bybit as collateral for perpetual futures trading. For Ethena Labs, this integration represents another major milestone as it improves the acceptance and usability of their stablecoin in the broader crypto scene.

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