Ethena's 2025 roadmap focuses on iUSDe to "expand" into TradFi, integrate USDe into the Telegram application, and expand the sUSDe application into new dApps.
Ethena (ENA) "stands tall" after announcing a promising 2025 roadmap
After the 2024 roadmap that brought many successes, the DeFi protocol Ethena has recently announced its 2025 development roadmap with the key objective of "expanding" into traditional finance (TradFi) and integrating its stablecoin product into the Telegram application.
Ethena 2025 Roadmap: Convergence pic.twitter.com/Mgle6Yt5Su
— G | Ethena (@leptokurtic_) January 3, 2025
Ethena's 2024 Year-End Report
Ethena's 2024 report witnessed the remarkable development of the protocol as the USDe product surpassed $5 Billion in market capitalization in just 10 months of operation, becoming the 3rd largest USD-pegged asset in the crypto space, after the long-standing USDT and USDC. With annual revenue exceeding $1.2 Billion, Ethena has made a significant impact in the stablecoin sector.
Specifically in the DeFi market, Ethena plays a crucial role for many financial applications such as Mantle, Pendle, Sky, EigenLayer, Morpho, Aave, accounting for a significant TVL on each protocol.
Ethena is also one of the first on-chain products to start penetrating the CeFi market, primarily used as collateral assets for derivative trading, most notably the partnership with the BUIDL fund of BlackRock as the primary reserve asset (accounting for 90%).
USDe is currently integrated into around 60% of the centralized exchange (CEX) market, with 2 out of the top 5 exchanges still not integrating USDe. In just a few weeks, USDe has surpassed the USDC balance on Bybit, proving the product's suitability for this specific use case.
2025 Vision
With the infrastructure and the results achieved in 2024, Ethena's next growth step in the new year will mainly revolve around aggressively pushing its flagship products into traditional finance, as the project team sees the TradFi legal roadmap becoming clearer, creating favorable conditions for exponential development.
Ethena's planned initiatives for 2025 include:
Launch of iUSDe
A packaged version of sUSDe with appropriate adjustments for TradFi, allowing financial institutions to easily access the superior yields of crypto without directly interacting with the blockchain ecosystem.
Ethena's vision is to become the bridge between TradFi and crypto, providing products with superior yields compared to risk-free interest rates, while optimizing capital flows through DeFi, CeFi and TradFi.
In Q1/2025, Ethena will collaborate with partners such as investment funds, private credit funds, and brokers to promote iUSDe, driving the convergence of DeFi, CeFi and TradFi.
Integrate sUSDe into the Telegram application
Telegram is a place where users can send, spend, and save with a mobile banking-like experience. Payments will be directly connected to Apple Pay, where users can move between sUSDe savings to make direct mobile payments from their phones.
This product promises to bring the most accessible yield-bearing USD asset management experience to date, bringing crypto closer to the 900 million Telegram users.
Expand the Ethena ecosystem
Not only focusing on developing USDe and USDtb, but also supporting developers to build new on-chain financial applications on the sUSDe platform. Two prominent products expected to integrate sUSDe in the near future include:
- Ethereal - Spot and perpetual trading platform: Built on a dedicated appchain, running an order book with sUSDe, where Ethena will provide liquidity and a risk hedging stream into the trading platform. Expected to launch testnet in 02/2025 and mainnet in Q1.
- Derive - Options protocol: Where sUSDe is the core collateral asset. Expected to launch its own token in the next 2 weeks.
Ethena is entering 2025 with the ambition not only to lead in the crypto space, but also to redefine the way capital circulates in global finance. The team says the above are just the initial steps in developing a comprehensive DeFi ecosystem based on Ethena's sUSDe, with many new projects also planned for early 2025.
Immediately after announcing the 2025 development roadmap, the ENA token "stood tall", surging nearly 10% to trade around $1.13 - a growth rate equivalent to 80% since the Ethena protocol went live in February 2024.
Price movement of the ENA token of the Ethena project since its listing to January 2025. Screenshot taken at 08:20 PM on 03/01/2025 on CoinGecko.
Compiled by Coin68
