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Binance Offers Ethena on Launchpool as Its 50th Project

Binance plans to issue 1,425,000,000 ENA, denoting 9.5% of the entire supply. Ethena works as a synthetic dollar as well as an internet-native yield forum operating on the blockchain of Ethereum.

ShahZaib Ahmed

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Binance, the biggest exchange in terms of market price, has declared the addition of Ethena (ENA) as a new project. The crypto exchange is including it into Launchpad thereof as the 50th project to enable users to farm it by staking crypto. The latest project emerged a few weeks following the introduction of a decentralized finance network EtherFi for liquid staking.

Binance to Start Farming Ethena (ENA) on the Launchpool

Ethena works as a synthetic dollar as well as an internet-native yield forum operating on the blockchain of Ethereum. The synthetic dollar goes by USDe and targets to bring scalability and stability to the DeFi sector.

The platform uses delta-hedging alongside collateral to sustain the peg of USDe. In addition to this, the project unveils the Internet Bond to provide yield opportunities concerning derivatives and staking.

The farming starts on the 30th, letting users farm ENA (the native token of Ethena). They can do that by staking their FDUSD and BNB parallel to the rest of the projects within Binance’s launchpool.

Also Read: Binance Reigns Supreme in 2023 Spot Market: CoinGecko Report

The project’s circulating supply is nearly 15,000,000,000 ENA. As per the crypto exchange, it will first issue 1,425,000,000 ENA, denoting 9.5% of the entire supply. Moreover, the platform has specified 300,000,000 tokens (representing 2%) to meet token rewards.

The firm will allow the farming for up to three days. Only consumers from allowed zones can take part in the project. Clients belonging to certain jurisdictions do not have permission because of regulatory problems. These regions include the USA, Syria, North Korea, Netherlands, New Zealand, Japan, Iran, and so on.

The Crypto Exchange Will List the Project on April 2nd

However, the crypto exchange has assured the consumers that the changes in regulatory updates can change the list of restricted countries.

Binance revealed that the official listing of the ENA token will take place on the 2nd of the upcoming month. ENA/TRY, ENA/FDUSD, ENA/BNB, ENA/USDT, and ENA/BTC will be provided by the crypto exchange as the trading pairs.

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