China News by Thebittimes.Com

Venture capitalists are forming a new firm based on accumulating stablecoin-focused crypto project Ethena (ENA). Special purpose acquisition company TLGY Acquisition, announced early on Monday that it had entered into an agreement for a business combination with StablecoinX Assets. The two companies agreed to a roughly $360 million private investment in public equity (PIPE), including a $60 million investment from the Ethena Foundation itself, plus contributions from other high-profile investors in the space like Pantera Capital, Galaxy Digital, Wintermute and more. According to the press release, the VCs believe in “large-scale ENA accumulation” in order to provide shareholders exposure to the “secular stablecoin supercycle.” Says Young Cho, CEO of both TLGY and SC Assets, “As a top issuer of digital dollars alongside Tether and Circle, Ethena is a direct beneficiary of the growth in stablecoin adoption… But it is currently difficu...

Is Ethena’s “synthetic dollar” bringing a new systemic risk to decentralized finance (DeFi)? While keen to avoid being labeled as a stablecoin, USDe is increasingly being utilized as such across some of the biggest players in DeFi. Some are worried, however, that treating USDe as a centralized stablecoin changes its risk profile as a collateral asset. An influential MakerDAO community member, known as “ImperiumPaper,” has pointed to possible conflicts of interest between risk advisors working for Aave and Maker, who also have (or have had) associations with Ethena. The situation has been likened to “ a real estate agent representing both buyer and seller .” Just so I’m even-handed, these conflicts of interest for risk consultants aren’t isolated to Maker. Chaos Labs and LlamaRisk propose to hardcode @aave USDe price to 1 USDT. https://t.co/GBhSIyji00 pic.twitter.com/JQjsqPu6nZ — PaperImperium (@ImperiumPaper) January 2, 2025 Read more: Et...

Cryptocurrency markets are buzzing today with remarkable gains from four standout coins: Mantle, Ethena, Echelon Prime, and EigenLayer. These coins have caught the attention of investors worldwide thanks to their innovative use cases, strong market momentum, and potential for long-term growth. But what’s driving their success, and why should you pay close attention to them? Biggest Crypto Gainers Today- Top List Are you looking for the next big opportunity in the crypto market? Mantle is revolutionizing scalability and security for Layer 2 solutions, Ethena addresses crypto volatility and decentralization challenges, Echelon Prime is capturing the imagination of developers and users with its interoperability and energy-efficient model, and EigenLayer enables re-staking, allowing stakers maximize their assets while securing multiple networks. These coins are not just gaining momentum but setting trends as the top crypto gainers today. 1. Mantle (MNT) Mantle’s modular Lay...