Ethena Labs (ENA coin), a rising star in the DeFi (Decentralized Finance) space, is experiencing explosive growth with a significant investment from MakerDAO and a highly anticipated listing on Binance, the world’s leading cryptocurrency exchange.
Binance made a listing for ENA coin
Ethena Labs, the decentralized finance (DeFi) protocol offering USDe that has yielded $1.3 billion, has opened requests for its new governance token (ENA). In a post published on
Following the start of the airdrop, ENA began trading at around 64 cents, an increase of over 8%, and its market capitalization approached $500 million, according to data from CoinGecko. According to a blog post published last week, Ethena plans to launch a campaign with new incentives for the next phase of the airdrop. The USDe token, called a “synthetic dollar,” offers returns to investors by pairing ETH liquid stake tokens with a short Ethereum (ETH) perpetual futures position in the derivatives market to maintain a “rough target” price of $1.
Investment excitement from MakerDAO
MakerDAO, a decentralized blockchain protocol known for its DAI stablecoin, announced plans to invest a staggering $600 million in USDe and staked USDe (sUSDe), both synthetic dollar protocols developed by Ethena Labs. This strategic move is expected to significantly increase Ethena’s total value locked (TVL), which is a key benchmark for DeFi projects and represents the total value of crypto assets invested in the protocol.
Ethena’s Head of Growth, Seraphim Czecker, confirmed that the company’s TVL growth was in line with internal expectations. MakerDAO’s initial investment is just the beginning, with the offering outlining plans to increase its commitments as Ethena grows. This vote of confidence from a major DeFi player underscores the enormous potential of Ethena’s synthetic dollar solutions.
Which trading pairs is ENA coin traded with?
Binance, the world’s largest cryptocurrency exchange by trading volume, added fuel to the fire by listing Ethena’s native token ENA as its 50th Launchpool project. Trading began on April 2 with five trading pairs: ENA/BTC, ENA/USDT, ENA/BNB, ENA/BUSD and ENA/TRY. The launch attracted a lot of attention, with ENA rising a staggering 180% shortly after launch, reaching a price of $0.84. Although the price has since stabilized around $0.54, trading volume remains high, especially for the ENA/USDT pair, which reached nearly $125 million in a short period of time.
Ethena Labs further bolstered its growth by opening applications for airdrop tokens on April 2. This airdrop program encourages participation and expands the ENA token holder base. In addition, Binance plans to launch ENA trading on leverage, contract, and fixed investment platforms in the coming days, providing users with a wider range of options to interact with the ENA ecosystem.
However, there is some uncertainty about the starting price of ENA. Since there is no public pre-sale, it remains unclear at what exact price ENA entered the market. Users participating in the Launchpool program had to deposit BNB or BUSD tokens to earn ENA, which limited accessibility for some investors.
Whale activities intensified
Independent monitoring by Scopescan revealed suspicious activity involving a large wallet (often referred to as a “whale”) associated with Twitter user Defi_Maestro. This wallet, reportedly linked to a Binance deposit address, received a significant amount of ENA (5.31 million tokens worth approximately $3.1 million) and deposited almost all of it to the Binance exchange. Additionally, another Scopescan report identified a separate “whale” that received 3.3 million ENA tokens (worth approximately $1.95 million) via an airdrop from Ethena Labs.
To be informed about the latest developments, follow us Twitter’in, Facebookin and InstagramFollow on . Telegram And YouTube Join our channel.