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Binance announced the Ethena (ENA) project, developed with consultancy support from Arthur Hayes, as its 50th Launchpool project. As of tomorrow, users will be able to start staking operations to earn ENA tokens over BNB and FDUSD pools. The staking period will be three days, and then ENA will be available for general listing. The general listing will take place on April 2nd.
The crypto trading pairs on which ENA will be listed are; ENA/BTC, ENA/USDT, ENA/BNB, ENA/FDUSD and ENA/TRY. ENA, which has a total supply of 15 billion, has 300 million tokens set aside for Launchpool. Of this token distribution, 240 million is allocated to the BNB pool reward, and 60 million to the FDUSD pool reward.
Ethena (ENA) is a decentralized finance protocol developed on the Ethereum blockchain. ENA has a synthetic dollar called USDe. At the beginning of the year, the market value of USDe was only 85 million dollars, now it is approximately 1.3 billion dollars.
Ethena’s synthetic dollar USDe provides fixed returns to investors by using Lido’s stETH-like liquid staking tokens as protective assets. In addition, these tokens are balanced with continuous short Ether positions in derivative exchanges in an attempt to fix a dollar price permanently.
Binance’s New Launchpool Project Ethena will also distribute up to a total of 750 million ENA in airdrop to users who own USDe and lock their tokens (their USDes) into the system. The airdrop process will end on April 1st and as of April 2nd, users will be able to start claiming their ENA tokens. After the airdrop, Ethena will do another airdrop for new incentives.
As of April 2, many other cryptocurrency exchanges are also expected to list ENA.
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