Debut of ENA Token from Ethena Protocol Project Achieves 90% Increase

Bittime – Ethena Protocol, a decentralized finance (DeFi) platform offering high-yielding USDe (a synthetic dollar-valued asset), has launched its governance token, ENA.

This launch was greeted with great enthusiasm, marked by a 90% increase in ENA's price immediately after it went public on leading crypto exchanges such as Binance, Bybit, and HTX.

ENA Launch and Airdrop for USDe Holder

Ethena Labs, the decentralized finance (DeFi) protocol behind USDe with a total value locked (TVL) of US$1.3 billion, has launched its governance token, ENA. 

This launch was greeted with great enthusiasm, marked by an increase in the ENA price of more than 8% at the start of its launch, bringing the ENA price to around 64 US cents when it started trading.

The launch of the ENA token was accompanied by an airdrop program previously announced by Ethena Labs. 

A total of 750 million ENA tokens, or 5% of the total supply, have been allocated to all USDe holders who have contributed to increasing platform liquidity.

This airdrop distribution is worth a total of 450 million US dollars, which is thought to be one of the factors that attract user interest and drive Ethena's growth with such a high total TVL.

Ethena Labs has even planned the second phase of ENA token distribution which aims to encourage maximum use of the protocol and bring the ENA token price to the level of 1 US dollar.

Check Today's Crypto Market:

Athena Strategy and Potential Risks

USDe, known as a “synthetic dollar”, offers investors returns through a special strategy. Athena combines Ethereum staking tokens with Ether (ETH) short future positions (derivative contracts) to keep the price of USDe stable at around 1 US dollar.

Although profitable, it should be noted that Ethena's strategy of generating returns for its users carries risks.

Athena combines Ethereum token staking with perpetual future short positions on Ethereum. 

If the price of Ethereum experiences a significant decline, this could cause ecosystem instability and USDe debug (USDe price deviating from 1 US dollar).

Therefore, it is important to always be alert and do research before investing in any crypto assets.

Also read How to Buy Crypto:

New Token with Airdrop in April

After the launch of ENA, April seems to be busy with the presence of various new crypto tokens offering airdrop programs. Here are some tokens to look out for:

• W by Wormhole: Launching on April 3, 2024, with a potential market capitalization exceeding 1 billion US dollars.
• NIBI by Nibi Chain: Airdrop begins April 7, 2024, targeted at Nibi Chain testnet users.
• EIGEN by Eigenlayer: Token of the Eigenlayer restacking protocol with a potential market capitalization of 11.9 billion US dollars.
• Tokens from Mode Network, Kamino Finance, MarginFi, and MerkleTrade: Launch is still uncertain, but the potential is interesting to follow.
• AirDrop ZkSync Era: Estimated to occur in May/June 2024 and predicted to be the richest airdrop throughout 2024.

How to Buy Ethena (ENA) on Bittime

You can buy and sell Ethena (ENA) easily and safely via Bittime. Bittime is one of the best crypto applications in Indonesia which is officially registered with Bappebti. 

Athena (ENA) is available on Bittime with the market pair ENA/IDR. To be able to buy ENA IDR at Bittime, make sure you have registered and completed identity verification. Apart from that, also make sure that you have sufficient balance by depositing some funds into your wallet. For your information, the minimum purchase of assets on Bittime is IDR 10,000. After that, you can purchase crypto assets in the application. 

Learn the complete guide on how to buy Ethena (ENA) on Bittime. 

Monitor price chart movements for Ethena (ENA), Bitcoin (BTC), Ethereum (ETH), Solana (SOL), and other cryptos to find out today's crypto market trends in real-time on Bittime.

Read Also: 

Large ENA Transaction: Two Addresses Receive 5.31 Million ENA

Everything You Need to Know About Ethena (ENA) Listing on Binance

Crypto Markets Are in a Calm Ahead of the Bitcoin Halving Plan

DISCLAIMER: This article is informational and is not an offer or solicitation to sell or buy any crypto assets. Trading crypto assets is a high-risk activity. Crypto asset prices are volatile, where prices can change significantly from time to time and Bittime is not responsible for changes in fluctuations in crypto asset exchange rates.