{"id":37506,"date":"2023-07-18T23:42:38","date_gmt":"2023-07-19T03:42:38","guid":{"rendered":"https:\/\/ifintechworld.com\/markets\/crypto\/crypto-billionaire-arthur-hayes-and-dragonfly-lead-6-million-funding-round-for-ethenas-stablecoin-and-bond-token-platform\/"},"modified":"2023-07-18T23:42:39","modified_gmt":"2023-07-19T03:42:39","slug":"crypto-billionaire-arthur-hayes-and-dragonfly-lead-6-million-funding-round-for-ethenas-stablecoin-and-bond-token-platform","status":"publish","type":"post","link":"https:\/\/ifintechworld.com\/?p=37506","title":{"rendered":"Crypto Billionaire Arthur Hayes and Dragonfly Lead $6 Million Funding Round for Ethena’s Stablecoin and Bond Token Platform"},"content":{"rendered":"
\n

Crypto startup\u00a0Ethena\u00a0<\/strong>has successfully raised $6 million in a seed funding round led by crypto venture capital firm\u00a0Dragonfly\u00a0<\/strong>and billionaire\u00a0Arthur Hayes<\/strong>.\u00a0<\/p>\n

The Portugal-based company intends to use the funds to launch its stablecoin and bond asset, scheduled for the third quarter of this year.<\/p>\n

The funding round saw participation from Hayes, who is the founder of\u00a0BitMEX<\/strong>, and his family office,\u00a0Maelstrom<\/strong>.\u00a0Deribit<\/strong>,\u00a0Bybit<\/strong>,\u00a0OKX<\/strong>,\u00a0Gemini<\/strong>, and\u00a0Huobi<\/strong>, among others, also contributed to the funding round.<\/p>\n

Ethena, established earlier this year, is dedicated to developing a platform that encompasses a digital currency and savings bond concept.\u00a0<\/p>\n

The startup aims to offer a stablecoin and digital savings bond that are backed by derivatives and maintain their value in relation to the US dollar, without depending on traditional financial systems.<\/p>\n

The stablecoin, dubbed USDe, will be fully collateralized and employ on-chain custody and settlement.\u00a0<\/p>\n

Its value will be preserved through a hedging mechanism that utilizes user-provided collateral to bet against Ethereum using perpetual swaps.\u00a0<\/p>\n

This strategy ensures that any losses or gains are balanced out, allowing the stablecoin to consistently hold its value at $1.<\/p>\n

\u201cEthena is building the holy grail of stablecoins: a coin that is truly stable, decentralized, and capital-efficient,\u201d Dragonfly general partner Tom Schmidt reportedly\u00a0said in a press release.\u00a0<\/p>\n

\n

\u201cStablecoins have grown massively in popularity over the past few years by providing access to USD-denominated savings and remittances for people around the world, but they’ve always been handicapped by one of these three issues. Ethena has a breakthrough design that remedies these issues while also benefiting a broad user-base.”<\/p>\n<\/blockquote>\n

Ethena Launches USDe as an Alternative to Infamous TerraUSD<\/h2>\n

Ethena has announced its new stablecoin, USDe, as an alternative to the infamous\u00a0TerraUSD<\/strong>.\u00a0<\/p>\n

TerraUSD was a so-called algorithmic stablecoin supposed to have a constant $1 value via a mix of algorithms and trader incentives involving a sister token, Luna.<\/p>\n

However, the stablecoin\u00a0lost\u00a0its dollar peg in May last year after a wave of sell-offs hit the crypto market.\u00a0<\/p>\n

While\u00a0Terraform Labs<\/strong>\u00a0managed to partially repair the peg by purchasing $2B UST, the continued sell-off drained those funds, hyperinflated UST’s sister token LUNA, and crashed the price of both LUNA and UST.<\/p>\n

In the wake of the Terra collapse,\u00a0Hayes wrote a piece\u00a0that described how a crypto derivative-backed stablecoin might work.<\/p>\n

In March this year, he proposed yet another\u00a0design for a Bitcoin-backed stablecoin\u00a0that would use exchanges to maintain its $1 peg.<\/p>\n

The proposed stablecoin would be based on a set of short BTC positions and USD inverse perpetual swaps, maintaining its 1:1 peg to USD via mathematical transactions between numerous entities involved.<\/p>\n

“1 NUSD = $1 of Bitcoin + Short 1 Bitcoin \/ USD Inverse Perpetual Swap,” Hayes wrote at the time, noting that this is how the proposed stablecoin will be designed.\u00a0<\/p>\n

He said this relationship allows for creating a USD equivalent without encumbering more crypto collateral than it creates in fiat value, unlike MakerDAO.\u00a0<\/p>\n

\u00a0<\/p>\n<\/p><\/div>\n

Read the full article here<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

Crypto startup\u00a0Ethena\u00a0has successfully raised $6 million in a seed funding round led by crypto venture capital firm\u00a0Dragonfly\u00a0and billionaire\u00a0Arthur Hayes.\u00a0 The Portugal-based company intends to use the funds to launch its stablecoin and bond asset, scheduled for the third quarter of this year. The funding round saw participation from Hayes, who is the founder of\u00a0BitMEX, and […]<\/p>\n","protected":false},"author":1,"featured_media":37507,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[243],"tags":[83],"class_list":["post-37506","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-crypto","tag-featured"],"yoast_head":"\nCrypto Billionaire Arthur Hayes and Dragonfly Lead $6 Million Funding Round for Ethena's Stablecoin and Bond Token Platform | iFintechWorld<\/title>\n<meta name=\"description\" content=\"Crypto startup\u00a0Ethena\u00a0has successfully raised $6 million in a seed funding round led by crypto venture capital firm\u00a0Dragonfly\u00a0and billionaire\u00a0Arthur\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" 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