Arthur Hayesbacked Ethena Labs reveals updated tokenomics for ENA
Ethena Labs, the developer of the Synthetic Dollar Protocol, is making updates to the tokenomics of its native asset, ENA, with the goal of enhancing the token’s functionality. Ethena’s objective is to offer a crypto-native solution for money that is not dependent on traditional banking infrastructure, using a synthetic dollar called USDe. Additionally, the protocol provides a dollar-denominated savings tool known as “the Internet Bond.”
At present, the ENA token can be locked within Ethena for potential future rewards or locked in Pendle, a decentralized finance (DeFi) protocol that enables users to tokenize and trade future yields. Ethena Labs has expressed its intention to leverage generalized restaking pools for staked ENA in the token’s upcoming phase.
The project emphasizes the importance of economic security for cross-chain transfers of USDe, relying on the LayerZero DVN-based messaging system. This is the first of several layers of infrastructure related to the forthcoming Ethena Chain and financial applications built on the chain, which will utilize and benefit from restaked ENA modules.
Moving forward, any user receiving ENA through an airdrop will be required to lock a minimum of 50% of the claimable tokens from the distribution in Ethena, Pendle, or generalized restaking pools for staked ENA.
Earlier this year, Ethena raised $14 million in a seed extension round, with investors including BitMEX founder Arthur Hayes, investment giant Franklin Templeton, digital asset manager Galaxy Digital, and Binance Labs. At the time of writing, ENA is trading at $0.653.
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