Ethena Labs is integrating with Injective
6 Mar 2024
2 min read
Ethena Labs is integrating with Injective today, marking its first expansion outside of the Ethereum ecosystem.
Both the Injective and the broader IBC community now have access to USDe, enabling users to earn Ethena Shards beginning on March 11th.
What is Ethena?
Ethena aims to revolutionize DeFi with the creation of yield bearing synthetic tokens, having reached nearly 1B in TVL in less than a month
USDe is Ethena’s synthetic dollar, which provides a censorship-resistant, stable, & scalable solution for the digital asset market
Benefits for Injective users
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.
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.
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.
