PANews reported on June 18 that Ethena Labs released an updated ENA token economics, and will begin to gradually introduce more practical functions for ENA in the Ethena ecosystem, starting with the launch of ENA's general re-pledge function. Ethena will first pilot a general re-pledge framework with Symbiotic and LayerZero in order to ensure cross-chain transfers of Ethena-based assets, including USDe and sUSDe. These transfers are verified through the LayerZero DVN network, which is secured by ENA staked within Symbiotic. The module will also include building a general framework to launch re-pledged DVNs for LayerZero ecosystem partners, leveraging consistent tokens to provide economic security and DVN operator selection. While Ethena-based cross-chain transfers will be secured by staked ENA, Ethena will provide a unique value proposition for generalized re-pledge use cases through USDe and sUSDe for other systems and protocols to use as underlying assets.
Regarding the details of ENA Symbiotic staking rewards, after the ETH LST cap is filled in a few days, ENA and sUSDe will become eligible assets for staking in the next epoch. ENA staked in Symbiotic will receive the following rewards: 1. The maximum Ethena multiplier per ENA per day is 30 times; 2. Symbiotic points; 3. Mellow points; 4. Potential future LayerZero RFP allocation (if allocated to Ethena). The ENA pool will be online on Wednesday, June 26.
Regarding the re-pledged ENA in Ethena Chain, Ethena Chain will focus on building financial applications and infrastructure on top of USDe as a gas token and fulcrum asset within the system. The re-pledged ENA will provide the following applications with universal security for each use case: spot AMM, perpetual DEX, yield trading, money market, low collateralized loans, on-chain brokers, options and structured products, as well as on-chain infrastructure solutions: cross-chain transfers, Oracle providers, shared sequencers, data availability solutions, and in return, they may be eligible to benefit from potential airdrops of these protocols at a later time at their discretion.
Update on ENA Locking and Vesting: Starting June 17, any user who receives ENA through airdrops (for example, beneficiaries of the Shard Campaign airdrop) must lock at least 50% of the ENA they receive in one of the following three options: Ethena Locking, PT-ENA on Pendle Finance (any chain), or Symbiotic Restaking. For users who fail to meet the locking requirements, their unvested ENA will be reallocated to other users who meet the locking conditions.
