Ethena is a synthetic dollar protocol built on Ethereum that will provide a crypto-native solution for money not reliant on traditional banking system.
Ethena's USDe token, often referred to as "synthetic dollar," offers steady yields to investors by using ether (ETH) liquid staking tokens such as Lido's stETH as backing assets, pairing them with an equal value of short ETH perpetual futures position on derivatives exchanges to keep a "rough target" of $1 price.
💊 How ETHENA Earns 27% Yield
ETHENA, unlike traditional stablecoins, doesn't directly earn yield from the stablecoins themselves. Here's how their USDe stablecoin generates yield for users:
🤖 Shorting Ether Futures and Capturing Funding Rates: A major source of yield comes from shorting Ether futures contracts. When ETHENA shorts Ether futures, they profit from positive funding rates. These rates occur when there's more demand to short Ether than to go long, incentivizing lenders (like ETHENA) with payouts. But that includes many risks like When Ether Goes Parabolic they've to bear the losses according to their profit Ratio.
👹 Staking Ether to be a Validator: ETHENA also stakes some of the deposited collateral (likely in the form of staked ETH - stETH) to become a validator on the Ethereum network. This staking earns a base return of around 5% annually.
⚡ 𝐄𝐭𝐡𝐞𝐧𝐚 𝐋𝐚𝐛𝐬 𝐀𝐧𝐧𝐨𝐮𝐧𝐜𝐞𝐝 750𝐌 $𝐄𝐍𝐀 𝐀𝐢𝐫𝐝𝐫𝐨𝐩
5% of supply (750M ENA) is planned to be airdropped to early access airdrop campaign users. Initial circulating supply is 1.425B ENA. Ethena Labs is a synthetic dollar protocol with over $1B in TVL backed by Binance Labs, Dragonfly, Maelstrom, and others.
🔹 The Shard Campaign concludes April 1st.
🔸 ENA can be claimed on April 2nd.
🔹5% of ENA supply will be airdropped to users, before our second campaign begins.
🔸 Any user who unstakes or sells USDe before this date will not be eligible for the airdrop.
🔹 Listings on April 2nd followed immediately by the second season of incentives.
🔸 The largest 2k wallets will be subject to a 50% linear pro-rata vesting over 6 months.
💥 ENA On Binance Launchpool :
🔸Token Name: Ethena (ENA)
🔹Max Token Supply: 15,000,000,000 ENA
🔸Launchpool Token Rewards: 300,000,000 ENA (2% of max token supply)
🔹Initial Circulating Supply: 1,425,000,000 ENA (9.5% of max token supply)
🔸Smart Contract Details: Ethereum
🔹Staking Terms: KYC required
🌀 Hourly Hard Cap per User:
🔸333,333.33 ENA in BNB pool
🔹83,333.33 ENA in FDUSD pool
𝕀𝕄ℙ𝕆ℝ𝕋𝔸ℕ𝕋 ℕ𝕆𝕋𝔼 𝔽ℝ𝕆𝕄 𝔹𝕀ℕ𝔸ℕℂ𝔼: Binance will be the first platform to list the token mentioned herein, with trade starting at 2024-04-02 08:00 (UTC). Any claims to offer this token for sale before the stated timeline are false advertising. Please do your own research to ensure safety of your funds!
🔸 How To Join Binance Launchpool?
Binance Launchpool allows users to acquire new token rewards by staking BNB, FDUSD, and other tokens on the platform.
1. Log in to your Binance account and click the navigation button - [Launchpad].
2. Then, scroll down to find [Launchpool] and the list of available and completed projects.
3. You can also access Launchpool by clicking[Finance] - [Binance Earn].
4. Scroll down and click [View More] under [Launchpool].
🔸How to participate in a new project?
1. Let’s take Flamingo (FLM) as an example. On the Launchpool page, you can see the available staking options for farming FLM. For example, [Flamingo BNB] means that you can stake BNB to farm FLM. Click [Stake Now] to participate.
2. Here you can see the project reward information and the estimated annual percentage yield (APY).
3. [My Funds] shows your staked assets. [Available] shows the available balance for staking in your Spot Wallet. If you do not hold any BNB, you can click [Buy BNB].
You can then click [Stake] to stake BNB to farm FLM. Your assets can be redeemed any time by clicking [Redeem]. To view your staking records, click [Staking History].
4. [My Rewards] shows your unclaimed earned rewards, which are updated every hour. You can click [Claim Rewards] to claim the earned tokens to your Spot Wallet any time you wish. To view the claimed rewards or distribution history, click [Claim History].
🔥 Project Official Links :
🔹 Website : https://www.ethena.fi/
🔸WhitePaper : https://ethena-labs.gitbook.io/ethena-labs/
🔹X (Twitter) : https://twitter.com/ethena_labs
🔸Discord : https://discord.gg/QqgVaUmM
Don't interact With Any Third party Links Other than Official Ones
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The Joining Process is the Actual offical post from Binance, the article is represented here just for information purposes. Names are taken only for information not for any investment purposes
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