Binance Launchpool Adds Support for Ethena, a New Ethereum-Based Synthetic Dollar Protocol

Binance, a leading cryptocurrency exchange, has announced plans to support a new Ethereum-based project called Ethena (ENA) through its Launchpool platform.

Ethena: A Synthetic Dollar Solution

Ethena aims to provide a crypto-based alternative to traditional banking systems by introducing a synthetic dollar called USDe. It also offers a dollar-denominated savings instrument known as the “Internet Bond.”

According to the project’s whitepaper, the Internet Bond combines yield from staked Ethereum with funding and basis spread from perpetual and futures markets. This creates an on-chain “bond” that serves as a dollar-denominated savings option.

Binance Launchpool Farming

From March 30th to April 2nd, Binance users can stake BNB and First Digital USD (FDUSD) in separate pools to earn ENA tokens. Binance will list ENA on April 2nd.

Seed Tag for ENA

Binance will apply a seed tag to ENA, indicating that it has lower liquidity and may experience higher volatility than other listed tokens. Users must pass a quiz every 90 days to demonstrate their understanding of the risks associated with trading ENA.