🚀🚀🚀Ethena (ENA) Price Will Increase by 20% to Become a $2 Billion Asset, Is $2 the Next Target?
The local cryptocurrency ENA of the Ethereum-based synthetic dollar protocol #ethena has risen by another 20% in the last 24 hours to $ 1.40. With the current Ethena(#ENA ) price increase, the altcoin has managed to quickly become a $2 billion asset class within a week. In addition, ENA's daily trading volume increased by 66% to $ 1.4 billion.
Ethena Labs Increases Rewards by 50%
Ethena Labs, "2. As part of the "Season" initiative, it announced a significant increase in rewards for its users. The platform increases rewards by 50% for select users who choose to lock ENA tokens for at least seven days. Users who lock at least 50% of their ENAS according to the balance of USDE, Ethena's stablecoin that provides returns, will be eligible for an enhanced reward increase.
This move is aimed at encouraging user participation and strengthening the ecosystem of the platform. Initially, the ENA's key limit was set at $200 million, with possible adjustments in the future. However, the tokens allocated to the team and investors who are subject to the entitlement programs will not be eligible for the ENA lock. He hedged $500 million worth of Bitcoin on multiple exchanges in preparation for the Bitcoin halving.
In addition, Ethena Labs has received approval to establish a USDeFRAX liquidity pool in cooperation with Frax Finance, which aims to expand the FRAX stablecoin's yield offerings.
In addition, approval was given to the Singularity Roadmap proposal put forward by Ethena Labs. This development allows the protocols to set up the USDeFRAX Pool on Curve, a decentralized finance (DeFi) stablecoin exchange, with a ceiling of $ 250 million.
