Synthetic stablecoin protocol Ethena Labs has announced integration with cryptocurrency exchange wallets. Ethena Labs has already integrated with the centralized exchange wallet of Binance, Bybit, Okx, and Bitget on 10th April 2024.
This step will help Ethena users earn Ethena USD directly through Binance, Bybit, OKX, and Bitget wallets. Additionally, Ethena developers stated that users locking USD via Exchange Web3 Wallets for a minimum of 7 days will be eligible for a 20% reward boost. Incentives issued in Ethena sats can be converted into Native Token ENA at the end of the campaign. To earn sats firstly, users have to deposit Ethena USD Stablecoins in an exchange wallet, and then connect Ethena Decentralized Finance Protocol (DeFi). After this, stake your holdings. Until the news was written, the total value of the protocol was $2.274 billion, generating annual revenue of $178 million.
Rewards offered through the Ethena protocol ecosystem have attracted investors. Following the start of Ethena Stalking Season 2, the top 10 wallets withdrew and staked a total of 37.5 million ENA ($51 million). In less than a month since launching its USD stablecoin on March 8th, Ethena has become the highest-earning decentralized application in crypto. This occurred when the protocol offered a 67% annual percentage yield (APY) on USD. Currently, the protocol provides a 24% APY on its stablecoins.
Launch of Native Token $ENA of DeFi protocol Ethena Labs on April 2 has gained popularity in the Crypto market. ENA showed a 100% faster growth within a week and is still capturing this growth at present. According to the information, ENA launched in the crypto market at $0.5275 in the beginning. ENA is currently running at $1.35 showing 150% of growth. After this remarkable performance of the token, experts in the crypto market are assuming that it could reach $10 soon.
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