DeFi Protocol Ethena Labs’ ENA Token Goes Live

DeFi Protocol Ethena Labs’ ENA Token Goes Live

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DeFi Protocol Ethena Labs’ ENA Token Goes Live

Ethena Labs, a decentralized finance (DeFi) platform renowned for its $1.3 billion yield-generating USDe token, has initiated the distribution process for its latest governance token, ENA.

In a recent announcement on X, Ethena extended an invitation to USDe holders to claim their portion of the 750 million ENA tokens allocated for distribution, constituting 5% of the total token supply. These tokens are slated to be listed on centralized exchanges.

After the commencement of the distribution, ENA experienced an uptick of over 8%, reaching a trading value of approximately 64 cents and a market capitalization nearing $500 million, as per CoinGecko data.

The USDe token, often referred to as a “synthetic dollar,” leverages ether liquid staking tokens and short ether (ETH) perpetual futures positions within the derivatives market to sustain a price target of $1, thereby offering attractive yields to investors.

Ethena has disclosed plans to roll out a new campaign featuring fresh incentives for the upcoming phase of the token distribution, as outlined in a blog post from the previous week.

Also Read: Ethena Labs’ Shard Campaign Heats Up with Epoch 2

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