As restaking gains traction and the market recovers as Bitcoin regains $72,000 after a correction, $ENA the native token of Ethena Labs, spiked more than 22% today following the announcement about “Season 2”.
The ENA token is trading at $1.27 after hitting an intraday high of $1.37, marking a 136% gain from its launch price of $0.53 last week.
ENA price chart
Ethena Labs is a DeFi protocol behind the synthetic dollar USDe. As of April 8, users can lock ENA for a minimum of seven days and lock up 50% ENA or more of their USDe balance and receive a 50% increase in rewards.
“Team allocations and investors locked into the vesting schedule will not be able to participate in ENA staking,” Ethena Labs noted.
The initial ENA lockup limit is set at 200 million USD and will be adjusted to increase over time.
Last week, Ethena added Bitcoin as collateral to USDe aiming to scale significantly and provide a more secure product to users.
“BTC also offers better liquidity and duration profiles than liquid staking tokens. As Ethena scales closer to $10 billion, this brings stronger support and ultimately a safer product for users.”
Blockchain analytics firm Lookonchain reported that three wallets withdrew a total of 11.9 million ENA ($15.23 million) from Binance for staking.
