Binance, the world’s largest cryptocurrency exchange by market value, has announced the addition of Ethena (ENA) to its Launchpool, making the protocol the 50th project to join the program.
The announcement comes a few weeks after Binance unveiled EtherFi, a decentralized finance (DeFi) network focused on liquid staking, as the 49th project to enter the program.
Users to Start Farming ENA on Binance
Ethena is a synthetic dollar and internet-native yield platform built on the Ethereum (ETH) blockchain. Its synthetic dollar, USDe, aims to bring stability and scalability to the DeFi ecosystem.
The platform utilizes delta-hedging against Ethereum collateral to maintain USDe’s peg and introduces the ‘Internet Bond’ for yield opportunities from staking and derivatives.
Starting on March 30, 2024, users can farm Ethena’s native token, ENA, by staking their BNB and FDUSD tokens alongside other projects in the Binance launchpool.
With a total circulating supply of 15,000,000,000 ENA, Binance said it will initially release 1,425,000,000 ENA, representing 9.5% of the total supply. Additionally, the exchange has allocated 300,000,000 ENA, constituting 2% of the maximum supply, as Launchpool token rewards.
Binance to List ENA on the Exchange
The farming event is scheduled to last three days, and only users from non-restricted regions can participate in the program.
Users from certain regions have been restricted from participating in the token’s farming due to regulatory issues. The company said that users in Australia, Canada, Cuba, the Crimea Region, Iran, Japan, New Zealand, the Netherlands, North Korea, Syria, the United States of America and its territories, and non-government-controlled areas of Ukraine are not eligible to farm ENA.
Nevertheless, the exchange assured users that the list of prohibited countries could change according to regulatory updates.
