Binanceannounced the synthetic dollar protocol called Ethena (ENA), which it introduced as the 50th project at Launchpool. Starting March 30, 2024, users will be able to stake BNB and FDUSD tokens to farm ENA tokens.
Chinese crypto journalist Colin Wu made an announcement on his platform inspired by Binance’s updates shared. According to Wu, this project will allow Binance users to farm ENA tokens for three days, based on the ideas of famous BitMEX co-founder Arthur Hayes.
Ethena (ENA) Launch Pool Details
Ethena‘s upcoming launch is highly anticipated; The website is planned to go live in just 5 hours and be launched simultaneously with Launchpool. Users will have the opportunity to collect ENA tokens for three days, starting at 00:00 on March 30, 2024.
ENA will be listed by Binance on April 2, 2024 at 08:00. Trading pairs will include ENA/BTC, ENA/USDT, ENA/BNB, ENA/FDUSD and ENA/TRY.
Binance has announced the main aspects of Ethena’s Launchpool, including token supply, rewards, and staking conditions. There will be a maximum supply of 15,000,000,000 ENA tokens, so participants will be able to win significant rewards with 300,000,000 ENA, accounting for 2% of the total token supply.
The initial circulating ENA supply will be 1,425,000,000, which is 9.5% of the maximum token supply. Operating on the Ethereum blockchain, Ethena adopts staking conditions that require Know Your Customer (KYC) verification, ensure compliance with regulatory standards, and increase user security.
It is important to note that Binance will be the first platform to list ENA and will prevent any potential misinformation or deceptive advertising.
Investing in ENA to Transform DeFi
In line with its commitment to advance decentralized finance (DeFi), Binance Labs has backed Ethena, a crypto-specific yield-generating stablecoin. Ethena is considered one of the pioneers of DeFi and has received investment support from Binance Labs and other key stakeholders since its IPO in February 2024.
Ethena’s strategic partnership with MirrorX connects it more closely with the market and makes it accessible. MirrorX’s suite of products is available to Ethena and other institutional clients through Binance Exchange, allowing for seamless settlement of derivative positions and access to Binance’s diverse products and markets.
A clear understanding of Launchpool eligibility is recommended. According to Binance, users from non-government-controlled areas of Australia, Canada, Cuba, Crimea Region, Iran, Japan, New Zealand, Netherlands, North Korea, Syria, USA and Ukraine are not allowed to farm on ENA. However, Binance notes that the list of prohibited regions may be updated as regulations change.
