By
Chimamanda U. Martha
April 25th, 2024
The introduction of Ethena to Binance Launchpool coincides with the protocol planned website launch later today, March 29, 2024
Binance, the world’s largest cryptocurrency exchange by market value, has announced the addition of Ethena (ENA) to its Launchpool, making the protocol the 50th project to join the program.
The announcement comes a few weeks after Binance unveiled EtherFi, a decentralized finance (DeFi) network focused on liquid staking, as the 49th project to enter the program.
Users to Start Farming ENA on Binance
Ethena is a synthetic dollar and internet-native yield platform built on the Ethereum (ETH) blockchain. Its synthetic dollar, USDe, aims to bring stability and scalability to the DeFi ecosystem.
The platform utilizes delta-hedging against Ethereum collateral to maintain USDe’s peg and introduces the ‘Internet Bond’ for yield opportunities from staking and derivatives.
Starting on March 30, 2024, users can farm Ethena’s native token, ENA, by staking their BNB and FDUSD tokens alongside other projects in the Binance launchpool.
With a total circulating supply of 15,000,000,000 ENA, Binance said it will initially release 1,425,000,000 ENA, representing 9.5% of the total supply. Additionally, the exchange has allocated 300,000,000 ENA, constituting 2% of the maximum supply, as Launchpool token rewards.
Binance to List ENA on the Exchange
The farming event is scheduled to last three days, and only users from non-restricted regions can participate in the program.
Users from certain regions have been restricted from participating in the token’s farming due to regulatory issues. The company said that users in Australia, Canada, Cuba, the Crimea Region, Iran, Japan, New Zealand, the Netherlands, North Korea, Syria, the United States of America and its territories, and non-government-controlled areas of Ukraine are not eligible to farm ENA.
Nevertheless, the exchange assured users that the list of prohibited countries could change according to regulatory updates.
Binance also disclosed that on April 2, 2024, at 08:00 (UTC), the company will officially list ENA on the platform. The listing will come with a range of trading pairs, including ENA/BTC, ENA/USDT, ENA/BNB, ENA/FDUSD, and ENA/TRY.
Ethena to Airdrop 750 Million ENA to Early Adopters
Meanwhile, the introduction of Ethena to Binance Launchpool coincides with the protocol planned website launch later today, on March 29, 2024. The platform also plans to reward users for their contributions to the network since launch.
Ethena Labs, the brains behind the network’s development, recently announced that it would airdrop 750 million ENA to users holding “shards”, which represent their engagement with the protocol.
The planned airdrop accounts for 5% of the total ENA supply. However, the number of tokens each user receives will depend on the shards accumulated by April 1.
To be eligible for the airdrop, users must ensure that their USDe, the protocol’s synthetic dollar pegged to the US dollar, is staked or held within the Ethena protocol. Eligible participants can expect to receive their ENA tokens on April 2, which will be available for trading on crypto exchanges such as Binance.