TLDR
- Ethena Labs has partnered with Safe Foundation to reduce gas fees for USDe transactions on the Ethereum mainnet.
- The partnership will offer a 10x boost to rewards for USDe holders in Safe’s multisig wallets.
- Safe Foundation aims to position its self-custodial wallet ecosystem as the preferred platform for accessing Ethena’s products.
- This collaboration will enhance the adoption of USDe across decentralized finance applications.
- Ethena Labs continues to expand its presence in the DeFi space with this strategic alliance.
Ethena Labs has partnered with Safe Foundation to reduce gas costs for USDe transactions on Ethereum and enhance rewards for USDe holders. The move aims to position Safe as the primary platform for accessing Ethena’s products, while benefiting users holding USDe in Safe’s multisig wallets. This collaboration is part of Safe’s broader initiative to expand its self-custodial wallet ecosystem.
Safe Foundation Cuts Gas Costs for USDe on Ethereum
Safe Foundation has announced a strategic partnership with Ethena Labs, aiming to reduce gas fees for USDe transactions on the Ethereum mainnet. As part of the deal, Safe will integrate solutions to minimize the costs associated with USDe transfers, providing users with a more efficient experience. Ethena’s USDe, a synthetic dollar pegged to $1, will now be more accessible, promoting broader use across Ethereum-based decentralized finance (DeFi) ecosystems.
The reduced gas fees are expected to stimulate greater use of USDe, which is often grouped with other major stablecoins like USDT and USDC. Safe’s platform, which is known for its robust security and flexibility, will further cement its role as a go-to solution for crypto-native teams and enterprises. With this partnership, Safe aims to create a seamless experience for users, allowing them to benefit from reduced transaction costs while utilizing USDe for various DeFi applications.
As part of the agreement, Safe users holding USDe will receive a 10x boost on their rewards points in Ethena’s current rewards program. This enhancement is aimed at increasing the incentives for users who choose to store their USDe in Safe multisig wallets. The 10x multiplier will drive higher engagement with the rewards system, offering greater earning potential for participants.
Guy Young, founder of Ethena Labs, emphasized the importance of this collaboration.
“This alliance will accelerate the integration of USDe into the deepest layers of the DeFi economy,” he said in a statement.
The expanded rewards will appeal to current USDe holders. This is encouraging more users to engage with Safe’s multisig wallets while participating in Ethena’s growing ecosystem.
Strategic Move to Expand USDe Use in DeFi
Ethena Labs continues to expand its product suite and deepen its presence within DeFi. The company has made substantial strides in developing its stablecoin-as-a-service offering, which has been adopted by various platforms like Solana’s Jupiter. As the third-largest tokenized dollar by market cap, USDe is positioned to gain even more traction through this partnership.
This collaboration between Safe and Ethena Labs represents a critical step toward bringing USDe into the core of Ethereum’s DeFi space. By reducing costs and enhancing rewards, both companies hope to foster greater adoption and usage of USDe across decentralized applications.
