LUCKNOW (CoinChapter.com) — Binance, one of the leading cryptocurrency exchanges, has unveiled Ethena (ENA) as the 50th project to join the popular Binance Launchpool. Ethena is a pioneering synthetic dollar protocol built on the Ethereum blockchain. We aim to provide stability and scalability to the DeFi space through the USDe stablecoin.
The protocol utilizes delta hedging against Ethereum collateral to maintain the peg to USDe. We are introducing ‘Internet Bonds’ for profit opportunities through staking and derivatives.
Users will start farming ENA tokens from March 30th
According to Binance’s official announcement, users will be able to farm ENA tokens, the native cryptocurrency of the Ethena protocol, starting March 30, 2024. To participate, users must stake BNB and FDUSD tokens along with other projects. Binance Launchpool.
Binance announced that it will list ENA tokens on its exchange at 08:00 UTC on April 2, 2024. Trading will begin with several pairs including ENA/BTC, ENA/USDT, ENA/BNB, ENA/FDUSD and ENA/TRY. The exchange will also apply a “Seed Tag” to ENA to indicate that ENA is a newly listed token.
Binance stated that the total circulating supply of ENA tokens is 15 billion. The initial allocation is 1.425 billion ENA, representing 9.5% of the total supply. Additionally, the exchange has set aside 300 million ENA, equivalent to 2% of the maximum supply, as Launchpool token rewards for participants.
Binance outlined certain restrictions for users participating in ENA farming events. Users from Australia, Canada, Cuba, Crimea, Iran, Japan, New Zealand, the Netherlands, North Korea, Syria, the United States and its territories, and non-government controlled areas of Ukraine are prohibited from growing ENA. token. However, the exchange assured users that the list of prohibited areas may change depending on regulatory updates.
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Ethena’s airdrops and decentralization efforts
Coinciding with the Binance Launchpool announcement, Ethena Labs, the Ethena protocol team, revealed its airdrop plans. We plan to airdrop 750 million ENA tokens to users who hold “shards” that represent their participation in the protocol. This airdrop, scheduled for April 2nd, will account for 5% of the total ENA supply.
As excitement builds around the Ethena protocol, investors and cryptocurrency enthusiasts are eagerly anticipating the farming and trading opportunities ahead.
However, amid the excitement surrounding the launch of Ethena, an attack involving fake ENA tokens came to light. This has caused widespread confusion and concern within the cryptocurrency community.
According to a report from on-chain security firm PeckShield, fake ENA tokens were exploited on Binance Launchpool for 480 BNB worth approximately $290,000 for agricultural purposes. This attack occurred just hours after Binance announced the listing of the actual ENA token. Initially, PeckShield tricked fake tokens into thinking they were real ENA tokens. However, the company later edited X’s post to clarify this.
