Binance Unveils Launchpool Project Ethena for BNB, FDUSD and TUSD Staking
In Brief
Binance introduced Ethena (ENA) as its 50th project on Binance Launchpool, becoming the first platform to list the ENA token.
Cryptocurrency exchange Binance introduced Ethena (ENA) as its 50th project on Binance Launchpool, becoming the first platform to list the ENA token.
Ethena represents a synthetic dollar protocol built on the Ethereum blockchain, offering a cryptocurrency-centric alternative for financial transactions independent of traditional banking infrastructure. Additionally, it introduces a dollar-denominated savings tool ‘Internet Bond.”
Users can stake BNB and FDUSD in separate pools to farm ENA tokens starting from 00:00 on March 30th UTC, lasting for 3 days. Following this period, the exchange will list the ENA token at 08:00 UTC on April 2nd, along with the introduction of trading pairs such as ENA-BTC, ENA-USDT, ENA-BNB, ENA-FDUSD, and ENA-TRY.
Launchpool Token Rewards will comprise 300 million ENA tokens, representing 2% of the maximum token supply. The initial circulating supply will start with 1.425 billion ENA tokens, accounting for 9.5% of the maximum token supply. The maximum token supply of ENA tokens is 15 billion.
Users can stake BNB to earn rewards of 240 million ENA tokens, which account for 80% of the total rewards, or stake FDUSD to earn rewards of 60 million ENA tokens, constituting 20% of the total rewards.
Meanwhile, the price of BNB has surpassed $600 and is currently trading at $608.5, indicating a 24-hour increase of over 3.5% as of the time of writing, according to data from CoinMarketCap.
Ethena Reveals Plans for ENA Token Distribution
Ethena is developing USDe stablecoin, which is expected to be backed and transparently verified on the blockchain, allowing it to interact freely within the DeFi ecosystem. The stability of the USDe peg will be maintained through delta hedging derivatives positions against collateral held by the protocol.
Following its launch earlier this year, Ethena has garnered notable interest and recently raised a $14 million investment in a seed extension funding round led by DragonFly, among other contributors. This funding round has resulted in the company’s total valuation reaching $300 million. Ethena’s total value locked (TVL) currently amounts to $1.4 billion.
Recently, Ethena unveiled its intention to distribute 750 million ENA tokens to holders of USDe on April 2nd, constituting 5% of the total token supply. Users can request tokens beginning April 2nd, and ENA will be listed on a centralized exchange (CEX).
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Alisa is a reporter for the Metaverse Post. She focuses on investments, AI, metaverse, and everything related to Web3. Alisa has a degree in Business of Art and expertise in Art & Tech. She has developed her passion for journalism through writing for VCs, notable crypto projects, and scientific writing. You can contact her at alisa@mpost.io
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Alisa is a reporter for the Metaverse Post. She focuses on investments, AI, metaverse, and everything related to Web3. Alisa has a degree in Business of Art and expertise in Art & Tech. She has developed her passion for journalism through writing for VCs, notable crypto projects, and scientific writing. You can contact her at alisa@mpost.io
