Binance Introduces Ethena (ENA) as 50th Launchpool Project

At present, Binance, the globally leading cryptocurrency trading platform based on market size, has made an announcement: Ethena (ENA) is the newest member added to their Launchpool, bringing the total number of projects in this program up to fifty.

A few weeks following Binance‘s reveal of EtherFi, a decentralized finance (DeFi) platform centered around liquid staking, as their 49th project in the program, the announcement was made.

Users to Start Farming ENA on Binance

Ethena is a novel, digitally-born financial platform based on Ethereum (ETH), which functions as a stable and agile yield system. The Ethena team has introduced USDe, a synthetic dollar, intended to provide stability and efficiency within the Decentralized Finance (DeFi) sector.

The platform employs a delta-hedging strategy using Ethereum as collateral to keep USDe’s value stable. Additionally, it offers the “Internet Bond” product for users to earn returns through staking and derivative investments.

Beginning on March 30, 2024, users will be able to earn Ethena’s native token, ENA, by depositing their BNB and FDUSD tokens together with other projects in Binance’s farming pool.

Binance announced that out of a grand total of 15 billion ENA in circulation, they will first make available 1.43 billion ENA (around 9.5%) for distribution. Furthermore, they have set aside 300 million ENA (approximately 2%) as rewards within their Launchpool program.

Binance to List ENA on the Exchange

The farming event will go on for three consecutive days, and it’s open to users residing in areas without restrictions.

Due to regulatory restrictions, individuals residing in specific countries or regions are prohibited from taking part in the ENA token’s farming process. The following list includes Australia, Canada, Cuba, 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.

Despite this, the platform notified its customers that the restricted nations’ list might be revised in response to changing regulations.

On April 2, 2024, at 8:00 UTC, Binance announced that it would make Enanation Token (ENA) available for trading on its platform. This listing will include several pairing options: ENA/BTC, ENA/USDT, ENA/BNB, ENA/FDUSD, and ENA/TRY.

Ethena to Airdrop 750 Million ENA to Early Adopters

At the same time, Ethena is set to debut on Binance Launchpool on March 29, 2024 – the very day the protocol’s website goes live. Additionally, users will be recognized and remunerated for their involvement with the network since its inception.

Ethena Labs, the masterminds behind the network’s creation, have announced that they will distribute 750 million ENA tokens to users in recognition of their active participation and engagement with the protocol, symbolized by “shards”.

Five percent of the entire ENA supply is set for distribution through the upcoming airdrop. Yet, the exact amount of tokens each recipient will get hinges on the shards amassed by April 1st.

To participate in the airdrop, it’s necessary that users have their USDe, the dollar-equivalent token in Ethena, either staked or in their wallet. Once eligible, users will receive their ENA tokens on April 2. These tokens can then be traded on crypto exchanges like Binance.

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2024-03-29 12:15