⛩️ Kinto launches USDe & sUSDe
Kinto is an L2 rollup designed to accelerate the transition to an on-chain financial system. It features user-owned KYC, AML, and native account abstraction to solve the biggest blockers to mainstream adoption: security and user experience.
TLDR
- USDe and sUSDE are now available on Kinto, with rewards from Ethena Season 2 and Kinto Mining Program.
- USDe is the stablecoin issued by Ethena that aims to be pegged to 1:1 with the USD.
- sUSDe is a delta-hedged synthetic dollar with native yield from ETH staking and perpetual funding. The current APY is 17%.*
- New users can now buy USDe or sUSDe from Mainnet and bridge it onto Kinto in one click.
- Existing sUSDe and USDe holders on mainnet can bridge their assets to Kinto to earn Kinto mining rewards in addition to the Ethena sats and underlying yield.
After launching mainnet and the mining program, Kinto is ramping up with a quick series of product launches. Last week, we announced wUSDM from Mountain protocol.
Today, we are excited to announce a partnership with Ethena to give USDe and sUSDe holders rewards from both the Kinto Mining program and Sats from Ethena season two.
⚙️ The Assets
USDe is a delta-hedged synthetic dollar that aims to be pegged 1:1 with the USD.
sUSDe is the staked version of USDe. It distributes to holders the yield earned from perpetual funding across different exchanges plus ETH staking yield.
You can now access both USDe and sUSDe from the Kinto website here. Accessing them from your Kinto wallet has many benefits.
- Earn yield in real-time from ETH staking and perpetual by holding sUSDe.
- Receive sats from Ethena season two directly in your Kinto wallet.
- Participate in the Mining program to earn Kinto mining rewards. Ethena assets receive an extra 10% boost 🚀
- No gas fees. If you deposit an ERC-20, deposit, and bridge fees are covered. All transactions on Kinto are sponsored as well.
- One-click deposit. You can purchase and bridge USDe and sUSDe in one click.
- Highest security standard. Access these mainnet assets from the safety and comfort of your Kinto wallet.
🗻 Why Ethena?
Ethena is a synthetic dollar protocol built on Ethereum that provides a crypto-native solution for money not reliant on traditional banking system infrastructure. It also includes a globally accessible dollar-denominated instrument—the Internet Bond. Arthur Hayes explained why this is important in his essay Dust on Crust.
Ethena’s synthetic dollar, USDe, provides the crypto-native, scalable solution for money achieved by delta-hedging Ethereum and Bitcoin collateral. USDe peg stability is supported by delta hedging derivatives positions against protocol-held collateral.
The Internet Bond combines yield derived from staked assets (e.g., staked Ethereum), to the extent used as backing assets, as well as the funding & basis spread from perpetual and futures markets, to create the first onchain crypto-native solution for money.
These properties have quickly raised Ethena to become one of the largest USD-denominated assets, reaching a total of 3.5B in TVL.
⛩️ Why Kinto?
Kinto has been designed from the ground up to provide safe access to the best financial primitives available in the Ethereum ecosystem. Ethena’s rapid rise to become the third largest dollar-denominated asset undoubtedly makes it one of the most exciting innovations in the space.
Thanks to chain abstraction and account abstraction functionality, Kinto users can access Ethena’s assets directly from the Kinto network and hold the assets safely in their Kinto smart contract wallet.
Given its user-owned KYC and enforced account abstraction, Kinto can provide much higher security guarantees than any other L2 network.
Finally, Kinto covers all the gas fees for depositing, avoiding expensive mainnet fees.
🛤 Take the Golden Road to Kinto
Kinto offers safe and intuitive access to the best digital assets in the Ethereum ecosystem, now including USDe and sUSDe from Ethena.
Through the Mining Program Launch, Kinto gives depositors 2% of the token supply during on-chain summer.
You can participate by depositing any asset below
We want to accelerate the transition to an on-chain financial system. A system that can match the guarantees of traditional finance, increase availability 24/7, enhance security, and decrease the friction and costs associated with conventional asset issuance.
If you share our vision for a secure, open, decentralized financial system, help us realize it.
Join us!
