The Ethena Labs team has increased the reward for those who have blocked a large volume of ENA in staking. The token reacted with an increase of 11%, to $1.3.
Binance exchange 15-minute ENA/USDT chart. Data: TradingView.
According to updated policyfrom April 8, the minimum ENA staking period is seven days.
For users who have locked more than 50% of the token reserves relative to their balance, the reward in bonus Sats increases by 50%. Earned points will presumably be converted into tokens during a future airdrop.
To receive additional profits, stakers must deposit a minimum amount of ENA of $5,000.
“For absolute transparency: the teams participating in the allocation and investors who are fixed in the rights transfer schedules will not be able to block ENA. Only tokens received as a result of the first airdrop or purchased on the open market will be in circulation,” the Ethena team clarified.
The initial blocking limit for ENA is set at $200 million. It is intended to be increased over time.
In parallel, Lookonchain analysts reported that three wallets withdrew a total of 11.9 million ENA (~$15.23 million) from Binance to participate in staking.
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Whales are withdrawing $ THIS from exchanges and staking it due to the #Athena Season 2 staking rewards.
3 whales withdrew 11.9M $ THIS($15.23M) from #Binance and staked it.https://t.co/3UrErMJ2R3https://t.co/8ZPz0U8U8Fhttps://t.co/AAwOJLz8qk pic.twitter.com/NbMdbF5xdO
— Lookonchain (@lookonchain) April 8, 2024
In addition, the community of the DeFi landing platform Frax Finance approved a proposal to invest $250 million in Ethena Labs pools.
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Excited to share the approval of FRAX’s singularity roadmap proposal, which includes an allocation towards a USDeFRAX POL via the Curve AMO with a $250m USDe ceiling pic.twitter.com/eM9T4Cjm22
— Athena Labs (@ethena_labs) April 8, 2024
As part of the initiative, Frax has already launched several pools of the “synthetic stablecoin” USDe through the automated market maker Curve AMO.
Previously, the Ethena Labs team included Bitcoin as collateral for its USDe. Some experts called this step a risk for the first cryptocurrency and compared the project to the collapsed Terra.
Let us remember that in February the community doubted the viability of the stablecoin from Ethena Labs. Among the shortcomings, analysts highlighted the potential inversion of profitability.
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2024-04-08 15:26:44
#ENA #grew #increase #staking #rewards #ForkLog
