#Binance’s 50th Launchpool new coin mining project#Ethena(#ENA) project analysis and online price prediction
1. What is Ethena (#ENA)
USDe, created by Ethena Labs, aims to provide a stable, scalable form of currency that is not dependent on the traditional banking system. With a synthetic dollar protocol built on Ethereum, Ethena not only meets a need within the crypto-native space, but also breaks the dependence of stablecoins on the traditional banking system. As Ethena’s native utility token, ENA will soon be listed on Binance Launchpool, giving users a great opportunity to participate.
2. Financing situation
Ethena Labs completed a $14 million strategic round of financing at a $300 million valuation, co-led by Dragonfly, Brevan Howard Digital and Maelstrom, the family office of BitMEX founder Arthur Hayes, with PayPal Ventures, Franklin Templeton, Avon Ventures, Binance Labs, Deribit , Gemini and Kraken participated in the investment. This round of financing adopted the structure of a simple agreement for future equity and token warrants.
It is reported that USDe is an Ethereum-based stablecoin guaranteed by derivatives. It achieves price stability through "delta-neutral" hedging in centralized and decentralized venues. To create USDe, Ethena allows users to stake USD, ETH or liquid tokens as collateral.
3. Project Highlights
Ethena introduces the first globally accessible, censorship-resistant fixed income instrument - "Internet Bonds" - which is a significant complement and revolution to traditional financial instruments and existing cryptocurrency stablecoin solutions.
-Global accessibility and censorship resistance: Leverage the core advantages of encryption technology to provide global users with investment tools that are not restricted by geopolitics and centralized financial institutions.
-Decentralized fixed income products: Provide a role similar to that of U.S. Treasury bonds in traditional financial markets, strengthening the infrastructure of the DeFi ecosystem.
Problem Solved - Ethena strengthens the infrastructure of the entire decentralized finance ecosystem by creating a new type of stable asset that reduces the crypto market’s reliance on the traditional banking system and provides a stable and yield-generating collateral. .
4. Token Economics
Governance: ENA token holders can vote on protocol governance decisions to achieve a decentralized governance structure.
Token Supply: The total supply of ENA is 15 billion, of which the initial circulating supply is 1.425 billion (approximately 9.5% of the total token supply).
Binance Launchpool quota: 30 million ENA (2.00% of the total token supply).
5. Participation methods
Start time: 08:00 on March 30, 2024 (East Eighth District time).
Ending time: 07:59 on April 2, 2024 (East Eighth District time).
How to participate: Users can invest BNB and FDUSD into the ENA mining pool on the Binance website to receive ENA rewards.
Annualized rate of return: The annualized rate of return and total holding data of each mining pool will be updated in real time, and users can receive the mined tokens at any time.
6. Online price prediction
According to previous calculations of Binance Launchpool’s new#BNBpool, the average annualized rate of return in the first ten periods was 123%. Assuming that the annualized rate of return from this mining is also 123%, based on 3 days of mining, the price of the ENA token is 0.45 USDT.
I personally estimate that the expected opening price will be around 0.5-1u, and the initial circulation market value will be approximately 700-1.4 billion.
Binance still launches related activities this time. During the event, the first 3,000 new users who are invited to register on Binance through the invitation link and complete transactions with [transaction volume greater than or equal to 100U] will each receive 50 ENA rewards, which is about 30U for free. Quota is limited, first come first served!
Binance counter-support link: https://accounts.suitechsui.io/register?ref=785779007
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