HOT: Binance will be the first platform to list the ETHena (ENA)y token, with trading starting at 2024-04-02 08:00 (UTC).
50th Project on Binance Launchpool - ETHena (ENA), Users will be able to stake their BNB and FDUSD into separate pools to farm ENA tokens for three days, with farming starting from 30- 03-2024 00:00 (UTC).
The website is estimated to be available in 5 hours, before the Launchpool begins.
List of trading pairs
Binance will then list ENA at 2024-04-02 08:00 (UTC) and open trading on ENA/BTC, ENA/USDT, ENA/BNB, ENA/FDUSD and ENA/TRY trading pairs. The Seed tag will be applied to ENA.
Detailed information about ETHena (ENA)
What is Ethereum?
Ethena Labs is a decentralized stablecoin issuance protocol project built on the Ethereum platform.
The project focuses on providing a stablecoin solution that does not depend on the traditional banking system, accompanied by a USD saving tool called Internet Bond. Ethena's stablecoin (USDe) uses a delta-hedging strategy and is fully transparently collateralized on-chain, allowing for free use across DeFi applications.
What is Delta-Hedging?
Delta-Hedging or Delta Neutral Trading Strategy, is a trading strategy used to generate income in markets without a clear trend. Despite its definition, in reality there are many different methods to apply, with the common goal of eliminating price fluctuations and profiting from it.
This method keeps the user's position constant when the market experiences volatility. In the context of the cryptocurrency market, the main method is to adjust the total investment portfolio of the user to zero, create an insurance and take advantage of various opportunities such as IDO, Airdrop, Staking, Farming to achieve profit.
Outstanding features of Ethena
Popular stable assets in the cryptocurrency market are often easily affected when financial institutions encounter problems, especially the risk of depeg of stablecoins such as USDC, USDT,...
Ethena introduces USDe as a solution to solve these problems. This Stablecoin is developed with the following features:
Scalability through the use of derivatives without the need for overcollateralization, as LST used as collateral can be hedged with an equivalent short position.
Ensure stability through taking unleveraged short positions on LST as soon as USDe is released, ensuring position neutrality.
Resist censorship by separating collateral from the banking system and storing collateral in decentralized platforms that can be easily audited on-chain.
USDe issuance mechanism
Users can deposit Liquid Staking Tokens (LST) such as stETH, rETH into Ethena in exchange for USDe. During this process, inflation and execution fees will be charged to users' mint or redeem USDe transactions.
After receiving LST from the user, Ethena will open a non-leveraged short order on derivatives exchanges with a value equivalent to the amount of assets the user has deposited into the protocol.
Protect against price fluctuations with a balanced Short position
When talking about algorithmic stablecoins, surely you cannot help but remember the collapse of the Terra LUNA network when the UST stablecoin depeg showed high fluctuations in the market. Ethena has improved from the above lesson using LSTs as the main collateral.
LSTs (stETH, rETH, WBETH) are used as collateral to mint USDe. However, LST are highly volatile altcoins, so Ethena needs to open a short position to hedge against price fluctuations for this asset.
If the value of LSTs in the market drops sharply, the profit from the unleveraged short position will offset the decrease in the price of these LSTs, ensuring their value does not change.
Security elements on the USDe chain
Ethena uses a collateral distribution mechanism through a series of diverse on-chain MPC custody contracts. This ensures that collateral deposits do not rely on centralized servers, thereby minimizing counterparty risk.
Additionally, seamless connectivity to major liquidity venues helps manage underlying risk and optimize capital, while users retain full custody of USDe.
Unlock flexible leverage
USDe generates fixed profits for users through staking rewards from LST and funding rate of short positions. Ethena also continues to allow USDe mints based on LSTs to maintain long-term exposure to Ethereum and at the same time create liquidity for USDe.
Finally, USDe does not have the same liquidation risk as other stablecoins because it is issued based on a delta-neutral mechanism, not using a debt position (CDP) mechanism, helping to avoid this risk.
Information about project tokens
ENA Launchpool Details:
Token Name: Ethena (ENA)
Max Token Supply: 15,000,000,000 ENA
Launchpool Token Rewards: 300,000,000 ENA (2% of max token supply)
Initial Circulating Supply: 1,425,000,000 ENA (9.5% of max token supply)
Smart Contract Details: Ethereum
Staking Terms: KYC required
Hourly Hard Cap per User:
333,333.33 ENA in BNB pool
83,333.33 ENA in FDUSD pool
Allocation of tokens
Core Contributors: 30%
Investors: 25%
Foundation: 15%
Ecosystem: 30%
Token payment schedule
Token utility
ENA will be used to vote on governance proposals on issues related to the ETH protocol, some of which will be key measures of the protocol's operation, such as:
General risk management framework
USDe support
Community grants
Support for new products
Project team
Ethena's core members have extensive experience in traditional finance and crypto-engineering
Investors and partners
Ethena Labs investment rounds are led by DragonFly Capital, Binance Labs,…
Recently, on February 16, 2024, the project successfully raised $14M in capital at Strategic Round with the appearance of Paypal and Fidelity...
DETAILED INFORMATION ETHENA
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