As the biggest of the crypto struggled to keep up on Tuesday, Ethena saw a massive uptrend. ENA price surged by around 12% in the last 24 hours. This surge comes after a phase of slide decline under the increasing selling pressure.Ethena leads crypto market

Ethena turned out to be one of the biggest gainers of the day. ENA has already gained by more than 19% in the last 7 days. However, its price saw a decline phase as it registered a loss of 23% in the last 30 days. It is trading at an average price of $0.97, at the press time. Its 24 hour trading volume is up 23% to stand at $522 million.

This surge comes in after a major announcement made by the crypto exchange Bybit. It has announced the integration of USDe, a USD-pegged stablecoin, into its platform. This marks a big development for USDe adoption. 

It mentioned that Bybit users can now use USDe as collateral for trading perpetual futures. This includes tokens like Bitcoin (BTC), Ethereum (ETH), Solana (SOL), and Ethena (ENA). It will allow users to earn a yield on their USDe collateral. What’s next?

They are introducing zero-fee spot trading pairs for BTC and ETH against USDe. It can provide users with seamless access to these trading pairs without incurring additional fees. The exchange’s “Earn” platform now features USDe. It seeks to enable users to capture USD-denominated yields through a simple one-click solution. This partnership aims to offer users additional earning opportunities alongside other Bybit earn products.

Arthur Hayes, co-founder of cryptocurrency exchange BitMEX, showed his excitement over the major development. He stated that “Shit like this is how we get to $ENA to $10.” He added “Yachtzee” to this statement.

He has been a long supporter of Ethena and anticipates that it will hit $10 soon. However, ENA is still hovering under the $1 mark. It is still down by 36% from its all time high (ATH) of $1.52 recorded on April 11, 2024. It is holding a market cap of over $1.4 billion. It has surged by around 39% on the year to date (YTD) basis.