- Binance announces the introduction of Ethena (ENA), a synthetic dollar protocol hailed as Binance Launchpool’s 50th project.
- The project allows users to farm ENA by staking their BNB and FDUSD tokens from March 30, 2024.
- The exchange will enlist ENA on April 2 and open trading with the ENA/BTC, ENA/USDT, ENA/BNB, ENA/FDUSD, and ENA/TRY trading pairs.
Binance announced the 50th project on Binance Launchpool, Ethena (ENA), a synthetic dollar protocol. According to the platform’s official announcement, users will be able to farm ENA tokens starting on March 30, 2024, by staking their BNB and FDUSD tokens.
Chinese crypto reporter Colin Wu shared an X post on his Wu Blockchain page, drawing insights from Binance’s latest updates. As per his post, the project, derived from BitMEX co-founder Arthur Hayes’ ideas, will allow Binance users to farm ENA tokens over three days.
With a total circulating supply of 15,000,000,000 ENA, Binance will initially unleash 1,425,000,000 ENA, which comprises 9.5% of the total supply. In addition, the platform has declared 300,000,000 ENA, constituting 2% of the maximum supply, as Launchpool token rewards.
Reportedly, Binance will enlist ENA on April 2, 2024, at 08:00 UTC, opening trading with ENA/BTC, ENA/USDT, ENA/BNB, ENA/FDUSD and ENA/TRY trading pairs. Further, Binance has highlighted an important note, cautioning the community against false advertising. Binance cited,
<blockquote> “Binance will be the first platform to list the token mentioned herein, with trade starting at 2024-04-02 08:00 (UTC). Any claims to offer this token for sale before the stated timeline are false advertising. Please do your own research to ensure safety of your funds!” </blockquote>
Unveiling the eligibility to participate in the Launchpool, Binance asserted that users from 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 denied farming ENA. However, Binance assured that the list of prohibited areas might be modified according to regulatory updates.
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