The Layer 2’s MNT token surged 40% after a list on Korean trade Upbit.
Mantle, the Ethereum Layer 2 community that boasts crypto’s largest liquid treasury and practically $900 million in complete worth locked (TVL), has unveiled a rewards portal that allows MNT holders to earn Ethena factors, known as Shards.
By locking MNT by the brand new Rewards Station, customers can earn a share of two.5 billion Ethena Shards from the Mantle treasury that will probably be distributed over the following month.
Ethena is the issuer of USDe, an artificial greenback token backed by Ethereum liquid staking tokens hedged with brief futures positions on centralized exchanges. Since launching final month, the mission has amassed over $1.3 billion in TVL, though issues have been raised relating to the sustainability of its present 30% yield.
Upbit Itemizing
Individually, the community’s native MNT token briefly surged greater than 50% earlier at the moment after Korean crypto trade Upbit listed the token. MNT now ranks thirty third on Coingecko with a market capitalization of $4.2 billion.
Ethena’s Factors System
In Ethena’s factors system, customers can earn so-called Shards by offering liquidity for the protocol’s artificial greenback, USDe, on numerous DeFi protocols like Curve, Pendle and Gearbox. These Shards will convert into allocations of Ethena’s ENA token at a future date and are in excessive demand from DeFi traders, as could be seen by the sturdy exercise on factors market Whales Market.
Ethena raised $14 million final month from outstanding traders, together with Dragonfly Capital and BitMEX founder Arthur Hayes.
