Ethena Partners With Derive, sENA Holders To Receive 5% of DRV Supply

Ethena has teamed up with the decentralized options protocol Derive, allowing sENA holders to claim 5% of Derive’s native token. On Dec. 3, Ethena announced it inked a partnership with Derive, the decentralized options protocol formerly known as Lyra. The partnership includes Derive onboarding support for Ethena’s stablecoin, USDe, as yield-bearing collateral for options trading, alongside the launch of a USDe-based structured product. The Ethena Foundation said it provided a “multi-million dollar grant” to Derive as part of the agreement. Derive will also airdrop 5% of the supply for its upcoming governance token, DRV, to holders of staked ENA (sENA) — the staked version of Ethena's governance token. To continue reading this as well as other DeFi and Web3 news, visit us at thedefiant.io