Ethena, the Decentralized Stablecoin protocol on Ethereum, has announced the expansion of its operations to the Aptos ecosystem and a strategic partnership with Echelon Market. According to the announcement, Ethena will be deployed on chains using MoveVM, starting with Aptos, to support Echelon Market.
Within this collaboration, Ethena's USDe and sUSDe Tokens will be deployed on Aptos, focusing initially on sUSDe. sUSDe will receive 5% of the total Token supply of Echelon, with rewards starting to accrue from February 26, 2025. sUSDe will serve as a core savings asset, used in conjunction with Echelon and the Thala Labs decentralized exchange on Aptos. Users can bridge USDe and sUSDe through StargateFinance and connect their Aptos and Ethereum addresses in the Ethena app to receive rewards.
Echelon Market is a leading lending protocol on MoveVM, with a Total Value Locked (TVL) exceeding $125 million, operating on chains such as Aptos, Movement, and Initia. The collaboration between Ethena Labs and Echelon Market aims to provide a robust and flexible decentralized financial infrastructure for users in the Aptos ecosystem.
