Token of governance of the decentralized financial protocol Ethena Tuesday at its strongest since the end of January, the protocol, the protocol took a big step towards the activation of a costs switch which would share the income of the protocol to tokens holders.
The token reached 87 cents in the early hours, advancing 8.3% in the last 24 hours, according to Coindesk data. It is more than 20% in a week.
The last increase occurred under the name of Binance, the largest exchange of crypto in volume, said early Tuesday that it will introduce the trade with the USDE, the yield generator of 13 billion Ethena, on its platform from Wednesday.
The registration of the token on higher exchanges is a key requirement for Ethena to allow the costs of a costs switch, sharing the profits of the protocol with the ENA token holders. The protocol carried out $ 54 million in revenues last month and more than $ 480 million since its launch at the end of 2023, according to data from the Token terminal.
“With the USDE Binance, the ENA costs switch will be on. This unlocks $ 500 million in buyouts,” said Arthur Hayes, co-founder of Bitmex and an eminent investor in Ethena.
Ethena catalysts
Besides the list, there was a lot for Ethena recently.
The Ethena USDE token has hunted nearly $ 13 billion, compared to $ 5.5 billion in July while cryptographic investors are continuing the yields. The USDE, marketed as a “synthetic dollar”, uses Bitcoin ether (Eth) And Solana soil (GROUND) As an active, by associating them with an equal value of short perpetual term posts.
The strategy generates income on its support derived from support when perpetual financing rates are positive and transmit part of the income as an investor return. The USDE is currently paying an annualized return of 6.5% for those who spring up their chips, higher than traditional monetary market funds and USDC loan rates on the lender Defi Aave.
Ethena also participates in digital treasury fever that capsizes the stock markets. Stablecoinx and Tlgy, two companies about to merge and appear on the Nasdaq, have collected $ 530 million to accumulate ENA tokens as a public vehicle.
The protocol also participates in the booming activity of Stablecoin emission. He launches the native stable for Ethereum Scaling Network Megaeth and suggested participation in the competition to issue popular derivatives exchanging the next stablecoin of hyperliquid.
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