TL;DR
- USDe Rewards on Bybit: Starting August 2nd, Ethena Labs and Bybit introduce a groundbreaking feature for crypto traders. Bybit users can earn rewards by holding or using USDe as collateral.
- Capital Efficiency and Fee-Free Trading: By integrating USDe, Bybit empowers users to earn passive income from their collateral. This feature enhances capital efficiency for various trading strategies.
- Challenging Stablecoin Dominance: By adopting USDe, both Bybit and Ethena Labs disrupt the stablecoin market. They aim to establish USDe as a major player, providing a specialized tool for crypto traders.
From August 2nd onwards, Ethena Labs and Bybit have joined forces to bring an innovative new feature to crypto traders. Bybit users have the opportunity to earn rewards by either holding or using USDe as collateral. This innovative feature offers up to 20% Annual Percentage Rate (APR), paid daily, for keeping USDe in Bybit accounts or using it to trade derivatives.
Introducing USDe as reward bearing stable margin collateral with @Bybit_Official:
As of August 2nd, all Bybit users will be able to earn up to 20% APR, paid daily, for simply holding USDe, or trading derivatives with USDe collateral, in your Bybit accounts
Details below: pic.twitter.com/BhGGTFTHlR
— Ethena Labs (@ethena_labs) July 30, 2024
The APR rate for USDe collateral on Bybit is the highest available for any USD-denominated asset. Traders can easily monitor their daily APR earnings through the Saving or UTA/Funding account navigation. This new system optimizes the utilization of USD collateral, which currently amounts to over $30 billion across exchanges.
USDe Integration Details & Potential Market Impact
By integrating USDe, Bybit empowers users to earn passive income from their collateral, marking a significant milestone in trading advancement. This unique feature enhances capital efficiency for various trading strategies. Users receive their rewards daily at 6 AM UTC directly to their Funding account, with no minimum holding requirement.
Additionally, Bybit has removed fees for USDe/USDT and USDe/USDC trades. This fee-free trading further boosts the appeal of USDe and encourages adoption. In the long run, this launch could reshape trading practices by allowing traders to offset costs with collateral rewards.
By adopting USDe, both Bybit and Ethena Labs challenge the dominance of stablecoins, offering new paradigms for crypto trading and investment. The integration aims to establish USDe as a major player in the stablecoin market, providing a specialized tool for crypto traders.
Ethena Labs Rapid Growth and Strategic Milestones
Since its initial Shard Campaigns, Ethena Labs has witnessed rapid growth in Total Value Locked (TVL), reaching $2.11 billion in just 57 days. The continued integration of USDe into Bybit’s trading options has contributed an additional $1.3 billion in TVL, demonstrating significant momentum and impact within the decentralized finance sector.
This collaboration between Ethena Labs and Bybit promises exciting opportunities for crypto traders, revolutionizing how they manage collateral and earn rewards.
