🎉🎉Ethena Just Launched to a $1.2 Billion Market Cap—Here’s What You Need to Know🎉🎉

Ethena Labs has just announced the launch of its governance token, $ENA, and the expansion of its yield-earning stablecoin, synthetic dollar token USDe. The upcoming debut has garnered considerable attention, including praise from Arthur Hayes, the former CEO of BitMEX, among other crypto enthusiasts. But it has a complex backstory.

Ethena says it will use this new token to be more decentralized, accessible and secure. The company also airdropped 5% of the total $ENA supply to all USDe and sUSDe holders as part of its Season 2 campaign, which is set to last five months.

But Ethena was ensnared in controversy when a February press release seemed to imply that they had raised millions from notable investors, who were later revealed to not have any involvement. In a now-deleted tweet, Ethena said the release was inaccurate, and the team later told Coindesk it was a “honest mistake.”

Meanwhile, the coin’s approach has also been deemed quite risky, especially as the crypto community still feels the repercussions of the collapse of the Terra ecosystem. Some experts claim the Ethena protocol itself has some flaws.All that controversy was still not enough to cool down investor interest, however. Since its launch, the coin gathered enough market capitalization to claim a spot as the 80th most valuable cryptocurrency in the ecosystem with over $1.2 billion of total market capitalizationBefore jumping aboard the ENA train, it’s a good idea to understand the intricacies of how it operates. The protocol's approach to minting, redeeming, and ensuring the stability of USDe is complex and makes the DYOR ethos hard for beginners. Hopefully, we can help.