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ENA Rises 15% as Ethena Labs Will increase Staking Rewards

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Customers who lock 50% or extra of their ENA relative to their steadiness of USDe will obtain a reward enhance of fifty%.

ENA is buying and selling at $1.26, having virtually doubled since its debut final week.

Giant holders have been withdrawing funds from Binance and staking to capitalize on the reward improve.

ENA, the native token of Ethena Labs, surged by 15% on Monday following the announcement of “season 2,” which features a 50% improve in rewards for a portion of customers.

The token is presently buying and selling at $1.26 after debuting at $0.64 final week, in line with CoinMarketCap. Ethena Labs is a decentralized finance (DeFi) protocol behind the yield incomes USDe stablecoin.

As of April 8, customers can lock in ENA for no less than seven days. Customers who lock 50% or extra of their ENA relative to their steadiness of USDe will obtain a reward enhance of fifty%.

Blockchain analytics agency Lookonchain reported that three wallets withdrew a complete of 11.9 million ENA ($15.23 million) from Binance with a purpose to stake.

“Workforce and investor allocations, that are locked on vesting schedules, won’t be able to take part within the $ENA lock,” Ethena Labs wrote in a weblog submit.

The preliminary cap of the ENA lock was set at $200 million and might be adjusted to extend over time.

Final week, Ethena launched a method that includes buying bitcoin (BTC) and concurrently shorting the asset to generate an annual yield in a money and carry commerce. The platform has employed an identical technique on ether (ETH) since January.

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