RLP: Building Institutional-Grade Liquidity on Reya

We’re excited to share that Reya’s partnership with Ethena has now been formalized through RNIP-5, a community-led governance proposal that passed with overwhelming support.This upgrade strengthens Reya’s LP Pool (previously tokenized as srUSD) by aligning its backing assets entirely with Ethena’s USDe and sUSDe (excluding a small redemption buffer). The result is a more transparent, resilient foundation for Reya liquidity.

What does this mean for Reya LPs?

Ethena has built one of the most compelling risk-adjusted, reward-bearing digital dollars in crypto, supported by disciplined risk management and robust transparency.With the LP Pool now backed by USDe/sUSDe, Reya LPs benefit from:Additional yield via USDe/sUSDe reward streamsImproved transparency into how yield is generatedStronger liquidity foundations built for serious tradingAs approved in RNIP-5, LPs now earn from two sources:Reya’s market-making returnsEthena’s sUSDe yield

“Our partnership with Ethena is a major step forward in aligning Reya’s liquidity with the most transparent and robust yield infrastructure in crypto. By integrating USDe and sUSDe into the LP Pool, we’re improving yield quality and transparency for Reya LPs.”— Simon Jones, CEO of Reya Labs

“We are excited to see Reya adopting USDe and sUSDe as the foundation of its trading liquidity. One of USDe’s most potent use cases so far has been as trading collateral on major venues.”— Guy Young, CEO of Ethena Labs

How does it work?

You can become a Reya LP by depositing USDC in the Reya app. Once deposited:The pool converts USDC into USDe/sUSDeThese assets are used as margin to provide liquidity across Reya’s marketsThe pool accrues:Ethena’s USDe/sUSDe yieldReya’s market-making returnsA share of trading and liquidation feesReya Chain PointsAll returns are shared equally among LPs based on the amount deposited.

srUSD is now RLP

As part of this upgrade, Reya’s LP token has been renamed for clarity:rUSD → USDCsrUSD → RLPRLP (Reya Liquidity Provider Token) represents tokenized ownership of the Reya LP Pool and its associated yield streams. This naming better reflects the asset’s role as the liquidity backbone of Reya’s markets.

Why this matters

Markets are only as strong as the liquidity beneath them. By anchoring Reya’s LP Pool in USDe/sUSDe and formalizing RLP, this upgrade strengthens the collateral foundation beneath Reya’s markets and improves transparency into how yield is generated.A necessary step as Reya builds toward the trading layer Ethereum has been missing.

Ethereum secures the assets. Reya secures the markets.