The token trades for $0.64, and over $10 billion in absolutely diluted valuation.
Ethena Labs has change into the fifth-largest stablecoin issuer by market capitalization hours after the launch of its ENA token.
Ethena Labs has airdropped 750 million ENA tokens, or 5% of the whole provide, to early adopters, amassing a $1 billion market cap within the course of. Its USDe artificial greenback additionally has a market cap of over $1.6 billion.
Tuesday’s a lot awaited airdrop comes after six weeks of Ethena’s Shard Marketing campaign, or factors system, which started on Feb. 19. The marketing campaign incentivized merchants who posted collateral in alternate for future distribution of ENA. These customers are actually in a position to money out.
In line with Coingecko, newly launched ENA token trades for $0.73, with a $1 billion market cap. The community’s absolutely diluted valuation topped a whopping $11 billion.
ENA is now obtainable for buying and selling on Binance, Bybit, Kucoin, and quite a few different exchanges.
Ethena Labs’ has touted the token as a core element to its governance construction, and the start of the protocol’s transfer in direction of decentralization. The 5% distributed in the present day belongs to the general 30% allotted to Ecosystem Improvement.
Season 2 Begins Immediately
April 2 marks ENA’s airdrop but additionally the kick-off to a second section of Ethena’s incentives program, which it calls its Season 2, or “The Sats Marketing campaign.” On this section, the undertaking will onboard Bitcoin as collateral for the protocol, along with Lido’s stETH.
Bringing BTC into the Ethena ecosystem will open the gates for Bitcoin perpetual futures, unlocking roughly $25 billion of open curiosity to delta hedge, wrote the crew in the present day. The $25 billion represents a 2.5x improve on the present measurement of ETH perpetual futures.
Delta hedging is an choices buying and selling technique that goals to cut back the directional threat related to value actions within the underlying asset by taking an reverse place.
Ethena’s crew defined that with year-to-date funding on Bitcoin reaching 22% on $25 billion, this could translate to roughly $2.75 billion in annual gross money stream, due to half of open curiosity getting paid to brief sellers.
USDe, Ethena’s artificial stablecoin, backs the token that’s pegged to $1, with staked Ethereum, whereas additionally hedging stETH with brief ETH positions on centralized exchanges. Each stETH and brief positions contribute to yield that’s handed on to stablecoin holders.
The structure has been lauded by many within the crypto neighborhood–whereas triggering LUNA PTSD for its double-digit yield.
The Sats Marketing campaign will run for 5 months, till Sept. 2, or till USDe provide reaches $5 billion. It at the moment sits at $1.6 billion, and also will profit contributors in Season 1 via boosted rewards.
New Season, New Partnerships
The crew has additionally introduced a plethora of recent partnerships, activating in the present day.
Final week, MakerDAO introduced a $100 million DAI allocation to swimming pools of lending protocol Morpho for USDe and sUSDe (staked USDe), deploying the Spark DAI Morpho Vault. Customers earned seven instances the shards on their USDe collateral, and 5 instances the shards on their sUSDe collateral, wrote Ethena’s crew.
Season 2 will convey even bigger multiples for customers that deposit collateral, as much as 20x on USDe and 5x on sUSDe.
Pendle Finance, is a DeFi platform that permits customers to tokenize and commerce future yield on Ethereum belongings, and is already a core element of Ethena’s liquidity swimming pools. As a part of Season 2, it would re-open its present USDe Pendle pool in the present day for customers, increasing its cap to $100 million.
Moreover, Ethena will combine Ethereum Layer 2 scaling answer Mantle Community, that includes new Pendle liquid staking swimming pools on Mantle. Integrating these platforms will provide customers the choice to earn in Sats, in addition to Eigenlayer factors–a platform that permits for Ethereum stakers to stake ETH throughout platforms, now including Ethena to its choices. To earn sats or factors, customers can purchase USDe on Mantle, or present liquidity to swimming pools.
