The world’s largest crypto exchange, Binance, has moved to enhance its Launchpool by adding Ethena (ENA).
Following the recent announcement from Binance, the introduction of ENA makes it the 50th protocol to join its rapidly-growing Launchpool, coinciding with the debut of its website on Mar. 29. The move comes after the Mar. 13 launch of the decentralized finance (DeFi) liquid staking protocol, EtherFi – the 49th project.
Increasing DeFi Stability And Yield Generation
Ethena is an Ethereum (ETH) blockchain-based synthetic dollar and internet-native yield platform. The primary goal behind its creation is to promote stability and scalability in the dynamic DeFi ecosystem.
A core part of Ethena’s functionality is its synthetic dollar, USDe, which was designed to stabilize the DeFi space. The protocol employs a key delta-hedging mechanism to maintain the USDe peg strategically.
Furthermore, Ethena boasts of the ‘Internet Bond,’ an initiative to unlock diverse yield opportunities from staking. Beginning Mar. 30, Ethena will provide an enticing opportunity for users to engage in yield farming using its native token, ENA.
Participants can join this journey by staking their FDUSD and BNB tokens in projects featured in the Binance launch pool. Binance has pledged to release 15B ENA (in circulating supply) to encourage widespread participation.
However, users will initially have access to 1.425B ENA, representing 9.5% of the total supply. Furthermore, Binance has set aside 300M ENA, or 2% of the maximum supply, to be distributed as Launchpool token rewards, further incentivizing participation and encouraging community engagement.
ENA Farming On Binance
Furthermore, the ENA farming event is set to run for three days. Due to regulatory considerations, users from specific areas won’t be able to take part in the token farming initiative.
Binance stated that the list of excluded countries may be reviewed as regulations evolve. In addition to the farming event, the exchange has scheduled the official listing of ENA for Apr. 2 at 08:00 (UTC) with several trading pairs like ENA/BTC, ENA/BNB, ENA/FDUSD, ENA/USDT, and ENA/TRY.
Ethena’s Planned Airdrop
Meanwhile, on Mar. 29, Ethena will launch on Binance Launchpool and its website launch. The platform intends to repay its users for their contributions since its inception.
Ethena Labs, the network’s creators, has announced plans to distribute 750 million ENA tokens via an airdrop event. This airdrop accounts for 5% of the total ENA supply. However, the number of tokens distributed to each user is determined by their total number of shards as of Apr. 1.
Qualifying for the airdrop requires users to hold or stake USDe on the Ethena protocol. Users who meet the requirement can anticipate receiving their ENA tokens by Apr. 2, which they can trade on Binance and other crypto exchanges.
