Published on May 7, 2024 · Reading time 2 minutes · Created by Fyde Labs
Ethena has quickly emerged as a favorite in the DeFi space, establishing itself as a major yield hub within months of its launch. Its rapid growth reflects Ethena’s unique offerings and the trust it has earned from users.
Since its inception, Ethena’s native token, $ENA, and stablecoin $USDe have been integrated into top DeFi protocols, including DEXes and money markets such as MakerDAO. Notably, MakerDAO recently minted 100 million $DAI against $USDe, offering users potential yield opportunities and broad exposure to Ethena.
Ethena has achieved significant traction:
The project’s valuation sits at $1.25 billion, signaling market confidence in Ethena's continued growth.
Ethena’s user base expanded notably following the $ENA airdrop, with active addresses surging to nearly 40,000, later stabilizing around 2,000. The platform recently concluded the Shards Campaign and introduced a second-season airdrop campaign, the Sats Campaign. This initiative allows users to lock $ENA for five months to receive a sats boost of up to 100%, with the boost rate depending on the amount of $ENA locked relative to USDe holdings. For example, holding $10,000 of USDe can yield a 100% boost with an equivalent $ENA lock.
The Bybit CEX integration and Sats Campaign are anticipated to drive more user engagement and demand within Ethena’s ecosystem, increasing $ENA’s scarcity and potentially raising its value.
With Ethena’s demonstrated growth and strategic moves, we are pleased to announce that $ENA is now whitelisted and available for deposit into Fyde’s Liquid Vault. This integration strengthens Fyde’s offering by providing users with additional yield opportunities through Ethena’s ecosystem.
Stay tuned for more updates as we continue to expand our token listings within the Fyde Liquid Vault!