- Ethena Labs has integrated with major centralised exchange wallets like Binance, Bybit, OKX, and Bitget, expanding its accessibility and usability within the cryptocurrency ecosystem.
- Ethena Labs offers users a decentralised platform to manage their finances, providing a crypto-native alternative to traditional banking services.
- Ethena developers have introduced a 20% reward boost for users who lock USDe stablecoins for at least seven days using exchange Web3 wallets, encouraging participation and engagement within the Ethena ecosystem.
OUR TAKE
Ethena Labs’ integration with major centralised exchange wallets highlights its dedication to enhancing accessibility, fostering innovation, and driving user engagement within the cryptocurrency ecosystem. This expansion not only widens the platform’s reach but also enhances convenience for users, allowing for easier access to Ethena’s services and increasing the overall utility of the protocol. Additionally, integrating with established exchange wallets can enhance trust and legitimacy.
–Sylvia Shen, BTW Reporter
Ethena Labs, the synthetic stablecoin protocol, has successfully integrated with centralised exchange wallets including Binance, Bybit, OKX, and Bitget.
Ethena’s reward system
Ethena Labs leverages the Ethereum blockchain to provide a crypto-native alternative to traditional banking infrastructure for handling finances. Users can manage their money directly through Ethena’s platform without relying on conventional banking services.
Ethena developers also announced that users who lock USDe, a stablecoin issued by Ethena, for at least 7 days using exchange Web3 wallets will receive a 20% reward boost. These boost can later be converted into the platform’s native ENA token.
The rewards have attracted attention and usage. According to the blockchain analytics firm Lookonchain, the top 10 wallets collectively withdrew 37.5 million ENA tokens, valued at $51 million.
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ENA token skyrockets 15%
Ethena achieved a 67% annual percentage yield (APY) on USDe, less than a month after launching its USDe stablecoin, establishing itself as the highest-earning decentralised application.
ENA, the native token, saw a 15% surge in value on Monday due to the announcement due to the Ethena staking season 2.
A staking program is a mechanism used in blockchain networks where participants hold and lock up their cryptocurrency tokens to support the operations of the network
The ENA token, which launched at $0.64 just last week, is now trading at $1.45.
