Ethereum based synthetic dollar protocol Ethena ‘s native cryptocurrency ENA rose another 20% to $1.40 in the last 24 hours. With the current Ethena (ENA) price rally, the altcoin has managed to quickly become a $2 billion asset class within a week. Additionally, ENA’s daily trading volume increased by 66%, reaching $1.4 billion.
Ethena Labs Increases Rewards by 50%
Ethena Labs, “2. announced a significant increase in rewards for its users as part of its “season” initiative. The platform is increasing rewards by 50% for select users who choose to lock their ENA tokens for at least seven days. Users who lock at least 50% of their ENA based on their USDe balance, Ethena’s yield-generating stablecoin, will be eligible for the enhanced reward increase.
This move aims to encourage user participation and strengthen the platform’s ecosystem. Initially, the ENA lock limit was set at $200 million, with potential adjustments to be made in the future. However, tokens allocated to the team and investors and subject to vesting schedules will not be eligible for ENA lock. Ethena raises $500 million on multiple exchanges as Bitcoin prepares for halving BitcoinHe also hedged .
Additionally, Ethena Labs has received approval to establish a USDeFRAX liquidity pool in collaboration with Frax Finance, which aims to expand the yield offerings of the FRAX stablecoin.
Additionally, the Singularity Roadmap proposal put forward by Ethena Labs was also approved. This development allows the protocols to establish a USDeFRAX Pool worth $250 million on Curve, a decentralized finance (DeFi) stablecoin exchange. knows.
Ethena has looked up to the FRAX team as some of the best builders in all of DeFi, and we are excited to work together in the coming months to grow the oncahin dollar economy
NEWS CONTINUES BELOW— Ethena Labs (@ethena_labs) April 8, 2024
Will the ENA Price Rally Continue to $2?
The newly introduced ENA token remains on a bullish trajectory supported by a dominant trend line evident on the 1-hour chart. Recently, ENA price showed a significant breakthrough, breaking the resistance level at $1.20.
As a result of this breakout, the Ethana Labs token is approaching a market cap of $2 billion, up a significant 371% from its initial price of $0.29.
Based on Fibonacci levels, the ongoing rally could potentially reach the $1.76 mark. However, with a broader market recovery, altcoinIt is possible for it to target the $2.67 threshold. The uptrend further strengthened as the RSI line entered the overbought zone. This shows that there is a strong momentum in the upward trend.
You can access current market movements here.
