LUCKNOW (CoinChapter.com) — Binance, one of the leading cryptocurrency exchanges, has unveiled Ethena (ENA) as the 50th project to join its prestigious Binance Launchpool. Ethena is a pioneering synthetic dollar protocol built on the Ethereum blockchain. It aims to bring stability and scalability to the DeFi space through its USDe stablecoin.
The protocol utilizes delta-hedging against Ethereum collateral to maintain USDe’s peg. It introduces the ‘Internet Bond’ for yield opportunities from staking and derivatives.
Users to Begin Farming ENA Tokens from March 30th
According to the official announcement from Binance, users will be able to farm ENA tokens, the native cryptocurrency of the Ethena protocol, starting on March 30, 2024. To participate, users will need to stake their BNB and FDUSD tokens alongside other projects in the Binance Launchpool.
Binance has revealed that it will list the ENA token on its exchange on April 2, 2024, at 08:00 UTC. It will open trading with multiple pairs, including ENA/BTC, ENA/USDT, ENA/BNB, ENA/FDUSD, and ENA/TRY. The exchange has also applied the “Seed Tag” to ENA, indicating its status as a newly listed token.
Binance has revealed that the total circulating supply of ENA tokens is 15 billion. The initial allocation is 1.425 billion ENA, representing 9.5% of the total supply. Additionally, the exchange has set aside 300 million ENA, constituting 2% of the maximum supply, as Launchpool token rewards for participants.
Binance has outlined specific restrictions for users participating in the ENA farming event. Users from Australia, Canada, Cuba, the Crimea Region, Iran, Japan, New Zealand, the Netherlands, North Korea, Syria, the United States of America and its territories, and non-government-controlled areas of Ukraine are ineligible to farm ENA tokens. However, the exchange has assured users that the list of prohibited regions may be subject to change based on regulatory updates.
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Ethena’s Airdrop and Decentralization Efforts
Coinciding with the Binance Launchpool announcement, Ethena Labs, the team behind the Ethena protocol, has unveiled plans for an airdrop. It is planning to airdrop 750 million ENA tokens to its users holding “shards,” which represent their engagement with the protocol. This airdrop, scheduled for April 2, accounts for 5% of the total ENA supply.
As the excitement builds around the Ethena protocol, investors and crypto enthusiasts eagerly anticipate the farming and trading opportunities that lie ahead.
However, amid the excitement surrounding Ethena’s launch, an exploit involving a fake ENA token came to light. This caused widespread confusion and concern within the crypto community.
According to reports from on-chain security firm PeckShield, a fake ENA token was exploited for 480 BNB, worth approximately $290,000, on the Binance Launchpool for farming. The exploit occurred just hours after Binance announced the listing of the real ENA token. Initially, it led PeckShield to mistake the fake token for genuine ENA token. However, the firm clarified it later by editing its X post.
