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Home > News
Published: 29/03/2024
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Author: Kane
What is Ethena (ENA)? Information about ENA Token?
Recently, Binance announced the listing of Ethena (ENA) as its 50th Binance Launchpool project. So, what is Ethena (ENA)? Let's explore ENA Token.
Azcnews Breaking
Table of Contents
What is Ethena (ENA)?
Ethena (ENA) is a synthetic currency protocol built on the Ethereum platform, aiming to provide a native cryptocurrency solution independent of traditional banking infrastructure. It also offers a savings instrument denominated in dollars, called the āInternet Bondā, for users globally.
Ethenaās synthetic currency, USDe, is committed to providing a stable, censorship-resistant native crypto currency that can scale by treating Ethereum staked assets as collateral. USDe is fully transparently collateralized on-chain and can be freely utilized within DeFi.
The stability of USDeās value is ensured through the use of delta hedging derivative positions for collateral assets held by the protocol.
Interface ethena
Interface ethena
The āInternet Bondā will leverage yields from staked Ethereum as well as the spread/profit from perpetual and futures market settlements to create a native on-chain crypto ābondā that can act as a dollar-denominated savings instrument for users in jurisdictions that allow it.
An āInternet Bondā can function similarly to U.S. Treasury bonds in traditional financial markets. It provides backbone collateral assets for DeFi as an uncensorable and yield-bearing asset, as well as a transactional currency on centralized exchanges.
What Problem Does Ethena Solve?
Ethena is developed to address one of the most significant and apparent needs in the cryptocurrency space. In DeFi, the goal is to create a parallel financial system; however, stablecoins, considered one of the most important financial tools, still rely on traditional banking infrastructure. Ethena is developed to provide a scalable native crypto currency, aiming to enable the building of a truly decentralized financial system.
Stablecoins are susceptible to influence by traditional financial institutions.
We can observe that popular stablecoins in the crypto market are vulnerable when traditional financial institutions encounter issues. The case of USDC is a prime example, as the company managing USDC deposited $3.3 billion in Silicon Valley Bank. When this bank encountered issues, the stablecoin immediately lost value.
Eight billion people lack access to USD-denominated savings instruments.
While U.S. citizens have access to the $30 trillion U.S. government bond market, individuals in the rest of the world lack access to this market.
Ethenaās Solution
Mint Usde
Mint Usde on ethena
USDe is activated by Ethena Labs through risk-mitigated on-chain immediate settlement of collateral-backed tokens during the minting process. Therefore, USDe provides the following benefits:
Scalability is achieved by using derivative tools without over-collateralization, as LST used as collateral can be hedged with equivalent short positions.
Stability is achieved through unleveraged short positions executed for LST immediately upon USDe issuance to ensure a neutral position.
Censorship resistance is achieved by separating collateral assets from the banking system and storing collateral assets on decentralized platforms, easily auditable on-chain.
Highlights of USDe
Logo
On-chain security of USDe
Ethena distributes collateral assets to a diverse set of MPC custody contract types on-chain. On-chain collateralized assets ensure independence from centralized servers, thus minimizing counterparty risks.
Seamless connectivity with major liquidity venues to manage underlying risks and optimize capital while users retain full control over monitoring USDe.
Unlocking leverage
USDe generates fixed returns for users through staking rewards from LST and funding rates from short positions.
Ethena will continue to allow minting of USDe based on LST to maintain long-term exposure to Ethereum while providing liquidity for USDe.
No liquidation risk
USDe is issued based on a delta-neutral mechanism rather than a debt position mechanism (CDP) like other algorithmic stablecoins, so users holding USDe will not face liquidation risks.
Ethenaās Operational Model
Work
USDe Issuance Mechanism
Users deposit various types of LST (stETH, rETH) into Ethena to receive USDe. Slippage and execution fees will be applied to usersā mint or redeem USDe transactions. After receiving LST from users, Ethena will open an unleveraged short position on derivative exchanges with the equivalent value of assets deposited by users into the protocol.
Why Does Ethena Open a Short Position?
As we know, LST (stETH, rETH, WBETH) are used as collateral to mint USDe. However, LST are altcoins with high volatility, so Ethena needs to open short positions to hedge against price volatility for these assets. If the value of LST on the market drops significantly, the profit from the unleveraged short position will offset the price decrease of these LST, ensuring their value remains unchanged.
sUSDe
After receiving USDe, users can stake this stablecoin to receive sUSDe. The profit for users holding sUSDe will come from two sources: Staking rewards from LST and funding rates from the short position. The reward mechanism for sUSDe holders will not require users to perform any operations because sUSDe is an accumulative value token. The value of sUSDe compared to USDe will gradually increase over time.
Related: Binance Announces Listing of Ethena (ENA) on Launchpool
What is ENA Token?
Basic Information
Token Name: Ethena
Symbol: ENA
Blockchain: Ethereum
Token Standard: ERC-20
Contract: To be announced
Token Type: Governance
Total Supply: 15,000,000,000
Circulating Supply: Updating
ENA Token Allocation
Allocation
Allocation
Founders: 30%
Investors: 25%
Reserve: 15%
Ecosystem Development: 30%
ENA Token Release Schedule
Vesting
Vesting
ENA Token is used for what?
Voting for project governance proposals
ENA Token Storage Wallet
You can store this token in the following wallets: MetaMask, Trust Wallet, ā¦
Where to Buy and Sell ENA Token?
ENA Token will be listed on the Binance exchange at 15:00 on April 2, 2024.
Development Team
Updating
Investors
Investor
Investor
In July 2023, Ethena raised $6.5 million from investors such as Dragonfly Capital, Deribit, OKX Ventures, Gemini, Bitmex, Huobi, Delphi Digital, GSR,ā¦
Project Information
Website
Twitter
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29/03/2024 at 8:51 pm
Making it $ENA is a solid idea from the very best
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30/03/2024 at 3:37 am
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Home > News
Published: 30/03/2024
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Author: Kane
Vitalik Buterin Shares Views on Memecoins
The cryptocurrency market is heating up day by day, especially with Memecoins, a type of cryptocurrency that lacks many utilities but is proving to be a force to be reckoned with. Recently, Ethereum CEO Vitalik Buterin shared his perspective on this type of coin.
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In the world of crypto, often dominated by large coins and serious projects, meme coins, seemingly just for entertainment, still hold a certain place. Vitalik Buterin, the co-founder of Ethereum, has recently shed new light on their potential and significance in a recent article.
Dogecoin, born as a joke in 2013, became the first shining meme coin. Since then, the meme coin frenzy has expanded with a slew of new coins like Shiba Inu, Dogelon Mars, capturing considerable attention from the crypto community. However, many still doubt the practicality of these projects.
Vitalik Buterinās Perspective
Vitalik Buterin
Vitalik Buterin
Vitalik Buterin has a different view. He asserts that we should not dismiss or restrain memecoin trends if they bring joy, community bonding, or even positive societal impact. To illustrate this perspective, Vitalik Buterin has provided examples of meme coin projects closely associated with charitable and humanitarian activities.
One prominent example is Dogelon Mars (ELON) ā a memecoin that allocated half of its initial supply to support the Methuselah Fund for research on tissue engineering and anti-aging therapy. This initiative has attracted significant investor interest and helped the project maintain strong community ties to this day.
Although other examples like GiveWell Inu or Fable of the Dragon Tyrant have not yet exploded, Vitalik Buterin believes that the memecoin field still holds untapped potential. With a blend of entertainment and humanitarian purposes, such projects can indeed become lasting phenomena and positively contribute to the community.
The first step that Vitalik Buterin proposes is to learn from successful games like Dark Forest or FrogCrypto by the 0xPARC team. These games attract players out of passion, not just for profit. This could be the ideal direction for memecoins to truly build sustainable communities and deliver social value.
Vitalik Buterinās balanced perspective on meme coins is an important starting point for responsible community engagement in this space. By acknowledging the fun aspects, community bonding of memecoins, while also highlighting potential challenges and advocating for projects with positive impact, Buterin is guiding users to approach the memecoin space more critically and thoughtfully.
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Top 10 Memecoins in the Current Market
Memecoin Vitalik Buterin
Source: Coinmarketcap
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