Posted: March 29, 2024 3:41 AM Updated: March 29, 2024 3:41 AM
Correction and fact check date: March 29, 2024, 3:41 AM
briefly
Binance introduced Ethena (ENA) as the 50th project in Binance Launchpool, becoming the first platform to list the ENA token.
Cryptocurrency exchange Binance introduced Ethena (ENA) as the 50th project in the Binance Launchpool, becoming the first platform to list the ENA token.
Ethena represents a synthetic dollar protocol built on the Ethereum blockchain, providing a cryptocurrency-centric alternative for financial transactions independent of traditional banking infrastructure. In addition, a dollar-denominated savings instrument called ‘Internet Bond’ will also be introduced.
Users can earn ENA tokens by staking BNB and FDUSD in separate pools, starting at 00:00 on March 30 (UTC) and lasting for 3 days. After this period, the exchange will list the ENA token on April 2nd at 08:00 UTC with the introduction of trading pairs: ENA-BTC, ENA-USDT, ENA-BNB, ENA-FDUSD and ENA-TRY.
Launchpool token rewards will consist of 300 million ENA tokens, equivalent to 2% of the maximum token supply. The initial circulating supply will start with 1.425 billion ENA tokens, equivalent to 9.5% of the maximum token supply. The maximum token supply of ENA tokens is 15 billion.
Users can stake BNB to receive 240 million ENA tokens, equivalent to 80% of the total reward, and FDUSD to receive 60 million ENA tokens, equivalent to 20% of the total reward. there is.
Meanwhile, according to data from CoinMarketCap, the price of BNB has surpassed $600 and is currently trading at $608.5, up more than 3.5% in the 24 hours as of this writing.
Ethena Reveals ENA Token Distribution Plan
Ethena is developing the USDe stablecoin, which is expected to be supported and transparently verified on the blockchain to enable free interaction within the DeFi ecosystem. The stability of the USDe peg is maintained through delta hedging derivative positions against collateral held by the protocol.
Since launching earlier this year, Ethena has garnered notable attention and recently raised $14 million in a seed expansion funding round led by DragonFly, among other contributors. This funding round brings the company’s total valuation to $300 million. Ethena’s total value at lock (TVL) currently stands at $1.4 billion.
Recently, Ethena announced its intention to distribute 750 million ENA tokens, equivalent to 5% of the total token supply, to USDe holders on April 2nd. Users will be able to claim tokens starting April 2 and ENA will be listed on the Centralized Exchange (CEX).
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Alisa is a reporter for Metaverse Post. She focuses on everything related to investing, AI, metaverse, and Web3. Alisa holds a degree in Art Business and her expertise lies in the fields of art and technology. She developed a passion for journalism through her work with VCs, notable cryptocurrency projects, and science writing. You can contact us at (email protected).
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alice davidson
Alisa is a reporter for Metaverse Post. She focuses on everything related to investing, AI, metaverse, and Web3. Alisa holds a degree in Art Business and her expertise lies in the fields of art and technology. She developed a passion for journalism through her work with VCs, notable cryptocurrency projects, and science writing. You can contact us at (email protected).
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