The control token for decentralized financing protocol ethhena Began on Tuesday to his strongest since the end of January, when the protocol has taken a big step towards activating a fee contact that would share the protocol revenue into token holders.
Token hit 87 cents in the early hours and performed 8.3% over the past 24 hours, Coindesk data shows. That’s over 20% in a week.
The latest wave happened when Binance, the biggest crypto exchange after volume, said at the beginning of Tuesday that it will introduce trade in USDE, Ethena’s dividend reigning token of $ 13 billion, on its platform starting Wednesday.
Listing of token on top exchanges is a key requirement for ethena to enable the fee switch mechanism and share protocol surpluses with ENA tooken holders. The protocol earned $ 54 million in revenue last month and over $ 480 million since the launch at the end of 2023, Tokenterinaldata shows.
“With Binance Usde listing of the ENA fees will be turned on. It unlocks $ 500 million withdrawal,” said Arthur Hayes, Bitmex co-founder and a prominent investor in ethena.
Ethena catalysts
In addition to the list, there has recently been a lot for Ethena recently.
Ethena’s USDE-token spongy for almost $ 13 billion from $ 5.5 billion in mid-July, when cryptoinvestors are hunting yields. USDE, marketed as a “synthetic dollar”, using Bitcoin ether (Eth) and Solana’s sun (Sun) As a backing assets, pairing them with an equal value of short perpetual futures is the positions.
The strategy generates revenue on its backing -derived assets when the eternal financing rates are positive and transfer some of the income as dividends to investors. USDE is currently paying 6.5% annual dividends for those who set their tokens higher than traditional money market funds and USDC, USDT loan rates on defi lenders Aave.
Ethena also participates in the digital asset tax fever, which is captivating stock markets. StableCOinx and TLGY, two companies that are merging and getting listed on Nasdaq raised $ 530 million to gather ENA symbols as a public vehicle.
The protocol also participates in the thriving stablecoin issuing business. It launches the native stableecoin for Ethereum scaling network Megaeth and is suggested to enter the competition to issue popular derivatives Exchange Hyperliquid’s upcoming stableecoin.
Read more: Crypto for advisers: The mechanics of generating yield on the chain
