Ethena Faces Market Shift Amid Bybit Theft, But Secures $100M Funding for Future Growth

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Ethena, a rapidly growing venture in decentralized finance (DeFi) that is known for its USDe stablecoin, has recently been weathering a storm. The theft of funds from the Bybit exchange has caused Ethena’s share of USDe derivative hedging positions on the platform to plummet. At present, Ethena has a mere 14% of its USDe positions on Bybit. Prior to this, Ethena had 21% of its USDe hedging positions on Bybit. A close second for an equally notable decrease comes from their share of USDe derivatives hedging positions that are backed by ETH, which just lost 65% of its hedging positioning.

The post Ethena Faces Market Shift Amid Bybit Theft, But Secures $100M Funding for Future Growth appeared first on The Merkle News.

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