In a significant advancement for decentralized finance, Ethena has introduced its synthetic dollar, USDe, to the TON (The Open Network) ecosystem. This allows TON users to access a decentralized stable asset that is fully collateralized, generates yield, and serves as a viable alternative to fiat-pegged stablecoins.
USDe is Ethena’s delta-neutral synthetic dollar, originally developed on Ethereum. We differentiate ourselves by merging asset-backed stability with yield opportunities, presenting a compelling solution for crypto users seeking a resilient digital dollar that works for them. By transitioning to TON—a network recognized for its scalability and rapid transaction speeds—we offer unprecedented accessibility.
A Synthetic Dollar Built for Stability and Yield
Unlike conventional stablecoins that are linked to fiat currencies and often rely on centralized custodians, USDe is entirely secured by crypto assets. It utilizes a delta-neutral strategy to maintain its peg and ensure stability, reducing volatility during market fluctuations. This strategy includes staking rewards from ETH and market hedging.
The framework of USDe ensures both structural stability and capital efficiency. Users can create, exchange, and stake USDe freely, maximizing the benefits of the financial services we provide. The system channels returns from both staked Ethereum and various decentralized finance (DeFi) sources directly to USDe holders, allowing them to enjoy the stability of a high-quality digital dollar while also receiving potential yields.
For the TON community, this integration introduces an innovative stable asset—moving beyond merely serving as a fiat placeholder to a dynamically managed, crypto-native strategy that evolves over time.
Incentivizing Participation with Ethena Points
To foster user engagement, Ethena has launched a rewards program where users can earn “Ethena Points.” These points serve as incentives, motivating users to actively participate in the ecosystem, and earning them is straightforward.
Swapping assets for USDe is simple and requires no specialized knowledge. If you hold TON or USDT, you can easily exchange some of your assets for USDe. Following this, similar to sound personal finance practices, you can stake your USDe or provide liquidity to earn points and rewards.
Participants have full control over their involvement in the ecosystem. When providing liquidity, they can opt for the instant liquidity group—offering slightly lower rewards but easier access to their funds—or choose the 7-day cooldown group, which yields better rewards but requires a week to access those funds.
Ethena Points accumulate based on user contributions; the more users stake or supply liquidity, the greater their potential rewards in the future. This approach benefits both our users and our ecosystem partners, turning every interaction with the protocol into a growth opportunity.
Real-Time Performance Tracking and Transparency
One of Ethena’s strengths is its seamless user experience. Users can enjoy this experience by allocating USDe into staking or liquidity pools, where they can track the performance of their allocation in real-time.
Accrued rewards are transparently displayed on the staking dashboard, allowing stakeholders to monitor their growth. The liquidity pool page for USDe/USDT provides the same clarity.
By integrating USDe into the TON ecosystem, Ethena is not just introducing a synthetic stablecoin but also laying the groundwork for a more robust, decentralized financial infrastructure. This platform opens up previously centralized financial instruments offered by TON and other blockchain projects to anyone with a TON wallet.
This initiative is progressing, attracting more users to the Ethena network and signaling a potential transformation in how users view stable assets. These assets are evolving beyond simple digital dollars into yield-bearing tools for long-term participation in DeFi.
In conclusion, Ethena is at the forefront of innovative DeFi with the launch of USDe on TON. What truly sets this apart is the combination of three key features of DeFi protocols: stability, yield, and user empowerment.