Artificial greenback protocol developer Ethena Labs is updating the tokenomics for its native asset, ENA, in a bid to extend the token’s utility.
Ethena goals to offer a crypto-native answer for cash not reliant on conventional banking system infrastructure through an artificial greenback known as USDe.
The protocol additionally affords a dollar-denominated financial savings instrument known as “the Web Bond.”
At the moment, the ENA token could be locked inside Ethena to spice up potential future rewards or locked in Pendle, a decentralized finance (DeFi) protocol that enables customers to tokenize and promote future yields.
Ethena Labs says it goals to leverage generalized restaking swimming pools for staked ENA within the token’s subsequent section.
“The primary use case is to offer financial safety for cross-chain transfers of USDe counting on the LayerZero DVN primarily based messaging system. That is the primary of a number of layers of infrastructure associated to the upcoming Ethena Chain and monetary functions constructed upon the chain which is able to make the most of and profit from restaked ENA modules.”
The mission notes that any consumer receiving ENA through an airdrop going ahead can be required to lock a minimal of fifty% of the claimable tokens from the distribution in Ethena, Pendle or generalized restaking swimming pools for staked ENA.
Ethena raised $14 million in a seed extension spherical earlier this yr. The funding spherical’s traders included BitMEX founder Arthur Hayes, funding large Franklin Templeton, digital asset supervisor Galaxy Digital, and Binance Labs.
ENA is buying and selling at $0.653 at time of writing.
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