The asset will be traded in pairs with BTC, BNB, USDT, FDUSD, and TRY

Binance will open a farming program and list the Ethena DeFi protocol’s token

29.03.2024 - 15:12

181

3 min

What’s new? Crypto exchange Binance has announced the launch of the 50th project on the Binance Launchpool token farming platform. It will be Ethena, a decentralized “synthetic dollar” sUSDe protocol based on the Ethereum blockchain with a native token, ENA. Starting March 30, 00:00 UTC, users will be able to stake Binance’s native tokens BNB and FDUSD stablecoins to earn ENA.

The exchange’s announcement

What else is known? The farming program will last for three days, after which the exchange will list ENA on April 2, at 08:00 UTC and open trading in the asset in pairs with bitcoin, BNB, USDT, and FDUSD stablecoins, as well as the Turkish lira. In doing so, Binance will be the first platform to list ENA.

ENA will be added to the platform with a Seed Tag, which is assigned to new projects and alerts investors to the risks of increased volatility. To access Seed Tag token trading, users need to pass risk awareness tests every 90 days.

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Residents of certain countries and regions, including the United States, Canada, Japan, New Zealand, the Netherlands, and Crimea, will not be able to participate in the farming program.

The maximum ENA supply will be 15 billion coins, the initial circulating supply is 9,5% of the maximum or 1,425 billion coins. Binance has allocated 2% or 300 million coins for the Binance farming program, 80% of this amount (240 million) will be received by BNB pool members, the remaining 20% (60 million) will be rewards for blockchain in FDUSD pools.

Ethena Labs will also hold an airdrop on the day of the start of trading, April 2, distributing 750 million ENA or 5% of the total asset supply to participants in the Shard incentive program.

The sUSDe asset issued by Ethena offers a yield of 35,4% based on the APY model. Its creators position it as an “internet bond” that functions as a dollar-denominated savings instrument and provides holders with returns from ETH staking and transactions in the perpetual futures markets.

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In addition to Binance, the project is backed by exchanges OKX, Bybit, and Deribit, as well as former BitMEX exchange CEO Arthur Hayes and Aave Protocol founder Stani Kuleshov.

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