The Ethena Labs team introduced a restaking function for the government token $ENA and the “synthetic stablecoin” USDe through Symbiotic and LayerZero.
The solution is billed as "the first step in adding functional utility to $ENA in the Ethena ecosystem."
At the time of writing, users can:
lock tokens in the protocol for potential future rewards up to 30x;
place assets on the Pendle Finance platform at a fixed interest rate of ~75% per annum.
Restaking pools are expected to provide economic security to the #Ethena network. The first will launch on Symbiotic on June 26. The initial use case for the option will be to enable USDe cross-chain transfers via the LayerZero DVN messaging system.
The reward for assets placed in the pool will include points from the Symbiotic, SocialFi platform Mellow and LayerZero incentive programs (if distributed in favor of Ethena).
Ethena Labs also said that starting June 17, at least 50% of the ENA airdrop received during the first season must be blocked in one of the three listed options.
“Failure to comply with this requirement will result in all undisclosed user funds associated with the corresponding wallet being redistributed to others who have staked the tokens,” the developers warned.
The stated purpose of this step is to stimulate long-term storage of ENA with the displacement of speculative capital.
Let me remind you that the capitalization of USDe from Ethena Labs crossed the $3 billion mark in just four months after its launch - faster than all competitors.
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