On April 2, Ethena (ENA) was launched on HotsCoin. Ethena (ENA) is a synthetic dollar protocol based on Ethereum. It aims to provide a crypto-native solution to support currencies that do not rely on the infrastructure of the traditional banking system and provide global users with a savings tool denominated in US dollars, known as "Internet bonds". ENA is now open for trading on HotsCoin.
Token information:
① Initial token circulation
1,425,000,000 (9.50% of the token benchmark)
② Overall and maximum token supply
15,000,000,000
③ Token allocation
Investors
Token target 25.00%
Team
Token target 30.00%
Foundation
Token target 15.00%
Ecosystem
Token target 28.00%
Technology and operation principle
Ethena is a synthetic dollar protocol built on the Ethereum blockchain. Its core mechanism is to ensure the stability of the synthetic dollar USDe is pegged to the US dollar by using Delta hedging derivative positions. At the same time, by combining the income from staking Ethereum with funds and basis from perpetual and futures markets, "Internet bonds" are created as a user's dollar-denominated savings tool in permitted jurisdictions.
Functionality and Launch
After Ethena is launched, users will be able to:
Obtain USDe without permission, buy or sell USDe with stablecoin collateral (such as USDT or USDC) through external AMM pools.
Directly mint USDe, deposit stETH collateral and obtain USDe, but need to accept KYC/KYB checks from approved market makers.
Directly exchange USDe, deposit USDe and obtain stETH,
Market Prospects and Competition Analysis
Ethena was established to solve the biggest and most obvious needs in the crypto space, that is, to provide a stable and scalable form of crypto-native currency for decentralized financial systems. Although there are many stablecoins on the market, the demand for dollar-denominated savings tools remains unmet, especially globally.
Development Plan and Future Outlook
Ethena's development plan includes continuing to increase its visibility and usage in the cryptocurrency market, further expanding its user base, and continuously improving its protocols and functions to increase its competitiveness. In the future, Ethena is expected to become an important player in the cryptocurrency field and provide a stable and reliable savings tool for global users.
