Ethena Labs Presents Major Tokenomics Update, Bullish Sign?
6/20/20242 min read
Ethena Labs, the developer behind the synthetic dollar protocol, is making significant updates to the tokenomics of its native cryptocurrency, ENA, in an effort to increase its utility.
Ethena Labs aims to offer a crypto-native solution for money that does not rely on the infrastructure of the traditional banking system. This innovative approach centers on their synthetic dollar, USDe.
USDe is designed to provide a stable, US dollar-tied asset that operates entirely within the crypto ecosystem, offering an alternative to traditional fiat currency systems.
Interesting Products from Ethena: Internet Bond
Based on the Dailyhodl report, one of Ethena's interesting products is Internet Bond, a savings instrument denominated in US dollars.
These bonds allow users to save at a stable rate while gaining the benefits of blockchain technology, such as transparency, security and the potential for higher returns compared to traditional savings accounts.
Currently, ENA tokens can be locked in the Ethena protocol to increase potential future rewards.
Additionally, these tokens can be locked in Pendle, a decentralized finance (DeFi) protocol that allows users to tokenize and sell future yields. This flexibility provides ENA holders with several ways to maximize the value and utility of their tokens.
Future Plans: Generalized Retaking Pools
Ethena Labs has outlined its plans to utilize generalized restaking pools for staked ENA in the next phase of development. According to the team, the first use for this restaking pool is to provide economic security for cross-network transfers from USDe.
This transfer will rely on a LayerZero DVN based messaging system. This system is the first of several layers of infrastructure related to the upcoming Ethena Chain and the financial applications that will be built on top of it.
These applications are expected to utilize and benefit from the re-staken ENA module, improving the functionality and security of the ecosystem as a whole.
New Airdrop Requirements
To better align incentives and ensure ENA crypto stability, Ethena Labs has introduced new requirements for airdrop recipients.
Each user who receives ENA via airdrop must lock a minimum of 50 percent of claimable tokens in Ethena, Pendle, or generalized restaking pools for staked ENA.
This move aims to encourage long-term holding and participation in the Ethena ecosystem, thereby strengthening the network.
support@coreasia.io
© 2024. CORE (Community Representative)