Binance has released something new again. The protagonist of this issue is the synthetic USD stablecoin protocol @ethena_labs. It is said that the friends who have played with it are already looking at cars and houses.
Ethena has raised a total of US$20 million in financing, and its final round valuation was US$300 million. Its main product is the stable currency USDe, and the collateral assets are composed of equal amounts of long spot ETH and short futures ETH.
On April 2, the Ethena governance token $ENA will be launched on Binance, and an airdrop of 750 million tokens will be launched. Referring to the recent performance of Binance Lanchpool, both mining participants and airdrop recipients have made considerable profits.
On the eve of $ENA’s launch on #Binance, we take a new look at this potential “stablecoin disruptor” and help you sort out 10 things you must know.
①The founder of BitMEX is the biggest promoter
Ethena's creative inspiration came from BitMEX founder Arthur Hayes, which was to create a stablecoin supported by equal amounts of BTC spot longs and futures shorts. However, Ethena chooses ETH as the main asset for opening spot and futures positions.
Interestingly, Ethena received strong support from Arthur, not only participating in two rounds of financing, but also minting a large amount of USDe, and even publicly stated that USDe will surpass USDT to become the largest U.S. dollar stable currency. Therefore, Arthur can be regarded as Ethena's biggest promoter.
②There are rules to follow for Ethena to be listed on Binance
In July last year, Ethena completed a 6 million seed round of financing, led by Dragonfly, with participation from Deribit, Bybit, OKX, Gemini, etc.
In February this year, Ethena completed a strategic round of financing of 14 million US dollars with a valuation of 300 million US dollars. Dragonfly, Brevan Howard Digital and Maelstrom, the family office of BitMEX founder Arthur, jointly led the investment, and Binance Labs and others participated in the investment.
It is also because of the last round of financing that most people realized that $ENA would be listed on Binance, so they joined the army of minting USDe.
③USDe supply increased by over 468% in 40 days
Before Binance officially announced the launch of $ENA, the supply of USDe soared from approximately US$242 million on February 18 to US$1.376 billion on March 28, an increase of 468.79%.
The outbreak of USDe has attracted great attention in the industry. Even MakerDAO founder Rune deposited 5.66 million USDT into Ethena and minted 5.655 million USDe.
④Ethena TVL exceeded US$1.5 billion, with an increase of 19.28% in the 7th day
DeFiLlama data shows that Ethena TVL has exceeded US$1.5 billion, a record high, with an increase of 19.28% on the 7th. The contract positions opened by this protocol account for 15% of the global ETH contract open positions.
⑤Ethena plans to include BTC as collateral assets
Recently, Seraphim, head of growth at Ethena Labs, posted that Ethena’s next step is to include BTC as collateral assets (BTC’s open contract position currently exceeds 27 billion U.S. dollars), thereby pushing the issuance scale of USDe to exceed 5 billion U.S. dollars in September.
⑥5% airdrop in the first quarter, available for collection on April 2
Ethena plans to airdrop 750 million $ENA tokens, accounting for 5% of the total supply. It will be available for collection on April 2, with more than 90,000 eligible user addresses.
After the launch of the governance token, the official will launch the second quarter of activities to further expand its token economic model.
⑦Pledge BNB/FDUSDT to mine 300 million $ENA
Ethena debuted on Binance and allocated 2% of the total token supply to Lanchpool, a total of 300 million tokens, of which the BNB mining pool accounted for 80% and the FDUSD mining pool accounted for 20%.
Mining time: March 30, 08:00-April 2, 08:00
Participation link: https://launchpad.binance.com/zh-CN
⑧BNB mining pool’s average annualized return in the first 10 periods is 123%
According to statistics from Planet Daily, based on the BNB mining pool, the average annualized return of Binance Lanchpool in the first 10 periods is 123%. Assuming that the annualized return of this mining is also 123%, based on 3 days of mining, the price of $ENA is approximately is 0.45U.
It is worth noting that according to the calculations of bloggers, although the BNB mining pool accounts for a very high proportion, based on the mining income of recent periods, when the same amount of money is invested, the income of mining with FDUSD will be higher.
⑨ENA expected price 0.4-0.6U
The total amount of ENA tokens is 15 billion, with an initial circulation of 9.5%. The current market forecast price range is concentrated at 0.4-0.6U. However, the ENA futures price on AEVO is 0.686U.
⑩Binance Creative Event rewards 50,000 ENA
Those who like to write short essays can participate in the creative activities officially organized by Binance. 200 people will share 50,000 ENA. Participants can create $ENA analysis articles, or make secondary creations on ENA and the Binance logo,#memepictures , text can be used.
Two points need to be noted: retweet the event tweet + tag #BinanceNewCoinENA; fill in the form and submit after the work is published.
