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🚀 Ethena (ENA) Primed for a 20% Surge, Aiming for $2 Billion Market Cap! 🤯🤯
Over the past 24 hours, Ethena's local cryptocurrency ENA, part of the Ethereum-based synthetic dollar protocol, has surged by another 20% to reach $1.40. This rapid increase in the Ethena (#ENA) price has propelled the altcoin into a $2 billion asset class within just a week. Moreover, ENA's daily trading volume has surged by 66% to $1.4 billion.
Ethena Labs Boosts Rewards by 50%
Ethena Labs recently announced a significant boost in rewards for its users as part of its "Season" initiative. The platform is increasing rewards by 50% for selected users who opt to lock their ENA tokens for a minimum of seven days.
Users who lock at least 50% of their ENA tokens relative to their USDE balance, Ethena's stablecoin with return capabilities, will qualify for this enhanced reward boost.
This strategic move is designed to incentivize user engagement and bolster the platform's ecosystem. Initially, ENA's key limit was set at $200 million, with potential adjustments in the future. However, tokens allocated to the team and investors under entitlement programs are excluded from the ENA lock.
Ethena Labs has also hedged $500 million worth of Bitcoin across multiple exchanges in anticipation of the Bitcoin halving.
Additionally, Ethena Labs received approval to establish a USDeFRAX liquidity pool in partnership with Frax Finance, aimed at expanding yield offerings for the FRAX stablecoin.
Approval was also granted for the Singularity Roadmap proposal by Ethena Labs, allowing the protocols to set up the USDeFRAX Pool on Curve, a decentralized finance (DeFi) stablecoin exchange, with a cap of $250 million.
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