Hey Folks, time to go more deeper in #Ethena! and explain what is about and how to Farm on Binance Launchpool.
Ethena is developing an Ethereum-based internet bond with the main product being a decentralized stablecoin called USDe.
💪On March 29, Ethena became the 50th project on Binance Launchpool. Binance plans to list the ENA token at 8:00 a.m. on April 2 (UTC) with the trading pairs ENA/BTC, ENA/USDT, ENA/BNB, ENA/FDUSD and ENA/TRY, and attach a seed tag to this token. Detailed information is as follows:
👉Token name: Ethena (ENA)
👉Total supply: 15,000,000,000 ENA
👉Launchpool reward: 300,000,000 ENA (2% of total maximum supply).
👉Initial circulating supply: 1,425,000,000 ENA (9.5% of total maximum supply).
👉Staking terms: KYC required
🔥Hourly hardcap per user:
👉333,333.33 ENA in BNB pool.
👉83,333.33 ENA in FDUSD pool.
What is Ethena?
Ethena is a USD (synthetic dollar) synthesis protocol built on the Ethereum blockchain. The project provides a cryptocurrency investment solution that does not depend on traditional banking infrastructure and a global USD savings tool "Internet Bond".
Ethena's synthetic currency is USDe, which helps resist censorship and can be expanded stably by staking Ethereum for a certain period of time. This protects the value of the USD in the cryptocurrency market. USDe fully supports, on-chain transparency and has the ability to freely transact in the decentralized financial system (DeFi).
On March 28th, Ethena Labs announced the distribution of a 750 million ENA token airdrop to shard holders. Users can request to claim the airdrop starting from April 2nd, and the claiming portal will remain open for 30 days.
Users must continue to hold and lock USDe, maintaining a minimum balance equal to the snapshot taken on March 26th. The top 2,000 wallets with the highest shard scores will have 50% of their tokens locked, gradually unlocking them over six months.
Ethena will continue to roll out Phase 2 of the reward program from April 2nd to September 2nd, encouraging users to use BTC as collateral for the stablecoin USDe. The program may end early if the total supply of USDe reaches $5 billion. Participants will receive rewards similar to the Shard Campaign.
Characteristics of Ethena
👉USDe: Ethena Labs manages the creation and redemption of the synthetic USD coin "USDe". This is the first fully-backed, on-chain, scalable and censorship-resistant cryptocurrency. The USDe backer introduces the first “internet bond” to save synthetic USD yielding profits from staking and market arbitrage.
👉Internet bonds: Internet bonds tightly integrated with blockchain technology and cryptocurrencies, providing yield on staked Ethereum and spreads between price and basis in perpetual and futures markets. With large scalability and optimal capital efficiency, bonds ensure transparency and security through an automatic program custody solution, without human intervention. At the same time, the system uses the MPC "off-exchange" custody mechanism to create a fair environment for all users.
🔥Profit: The project's profit comes from two sources:
🔥Consensus rewards and enforcement of staked ETH.
🔥Funding and arbitrage earned from delta hedging derivative positions.
🔥Delta hedging: Trading strategy that allows users to profit from the price difference of USDe in the market of $1 or more. The feature helps reduce the risk of price fluctuations, automatically adjusting to maintain delta positions (price correlation) with the underlying asset. Ethena uses delta hedging during the issuance of USDe to ensure stablecoin stability.
Features of Ethena
🔥Buy USDe without permission: Investors use off-chain AMM pools to buy or sell USDe with collateral such as USDT or USDC.
🔥Direct USDe generation: Participants deposit stETH as collateral and receive USDe. Accounts need to pass KYC/KYB (identity verification) checks from partners to be approved.
🔥Exchange USDe directly: Users send USDe to receive stETH for KYC/KYB accounts.
🔥Stake and unstake USDe: Those on the authorized list will receive a portion of the generated yield.
Investors and partners
After a fundraising round in February valued at $14 million USD, Ethena's total investment has now reached $20 million USD. Several renowned investors have participated in the project, including Binance Labs, PayPal, Gemini, OKX, Bybit, Huobi, BitMEX, and Deribit. The project's valuation is currently at $300 million USD.
In addition, Ethena has partnerships with Dragonfly, Franklin Templeton, Fidelity, Mirana…
Ethena introduces two new concepts: USDe and internet bonds. The project provides blockchain transparency with many utilities to meet the diverse needs of users. With a TVL of $539,600,000, Ethena promises future development potential. However, investors need to research carefully before deciding to join the platform.
💪 I'll repeat for me every Project on Binance Launchpool will do extremely good middle and long-term so expecting the same for ETHENA!
HOW TO FARM
https://launchpad.binance.com/en/launchpool/ENA_BNB
👉Stake FDUSD to farm Ethena:
https://launchpad.binance.com/en/launchpool/ENA_FDUSD
