Strategic Funding Boost for Based
Based, a prominent player in the coding platform space, has secured a strategic funding boost from Ethena Labs aimed at enhancing the usability of Ethena’s USDe stablecoin within the Hyperliquid trading ecosystem. As the largest contributor to nearly 7% of the perpetuals trading volume on Hyperliquid, Based is well-positioned to facilitate the integration and widespread acceptance of USDe.
Investment Goals and Commitment
The investment will be directed towards amplifying the presence of USDe, which Based believes is integral to the Hyperliquid platform’s future development. The team expressed their commitment on social media, stating:
“We think USDe can play a key role in the Hyperliquid ecosystem and want to be a conduit through which that can happen.”
This collaboration will not only advance USDe’s implementation but is also expected to lay the groundwork for the adoption of other upcoming Ethena products and the USDtb stablecoin.
Significance of the Partnership
The timing of this partnership is significant, as USDe has been gaining traction throughout various platforms. Recently, FalconX, a digital asset prime brokerage based in the United States, announced the incorporation of USDe into its services, allowing its institutional clients to trade and hold the stablecoin for collateral purposes. Additionally, USDe’s availability has expanded to the Telegram Open Network, where it can be utilized through both Telegram’s integrated wallet and various third-party TON wallets.
Market Position of USDe
Currently, USDe boasts a market capitalization of approximately $12.8 billion, ranking it as the third-largest stablecoin, trailing only behind USDT and USDC.
