Binance Adds Ethena (ENA) As Its 50th Launchpool Project
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Binance, the world’s leading cryptocurrency exchange, has announced the integration of Ethena (ENA) into its Launchpool. This addition makes Ethena the 50th project to join Binance’s Launchpool initiative, solidifying its position in the ever-expanding decentralized finance (DeFi) landscape. The news comes amidst heightened anticipation surrounding Ethena’s protocol launch scheduled for March 29, 2024.
Exciting Yield Opportunities
Ethena, a pioneering synthetic dollar and internet-native yield platform operating on the Ethereum (ETH) blockchain, aims to revolutionize DeFi by offering stability and scalability through its synthetic dollar, USDe. By leveraging delta-hedging against Ethereum collateral, Ethena maintains USDe’s peg while introducing innovative yield opportunities via the ‘Internet Bond.’
This novel approach heralds a new era of yield farming and decentralized finance solutions. Starting March 30, 2024, crypto enthusiasts can participate in farming ENA tokens by staking their FDUSD and BNB tokens alongside other projects in the Binance Launchpool.
Even though it has a circulating supply of 15B ENA, Binance will initially release 1.425B ENA, which is about 9.5% of its total supply. Moreover, Binance has allocated 300M ENA (or 2% of the maximum token supply) as Launchpool token rewards, an additional incentive to entice users.
However, regulatory considerations have prompted Binance to restrict participation in the farming event for users from specific regions, including Ukraine. This move emphasizes Binance’s commitment to adhering to evolving regulatory standards.
Ethena Airdrops 750 Million ENA Tokens
Furthermore, Binance revealed plans to officially list ENA on April 2, 2024, at 08:00 (UTC). The listing will encompass a diverse array of trading pairs, including ENA/USDT, ENA/BTC, ENA/FDUSD, ENA/BNB, and ENA/TRY, catering to the diverse trading preferences of its global user base.
To reward early adopters and foster community engagement, Ethena Labs, the visionary force behind the network’s development, announced an airdrop of 750 million ENA tokens to users holding “shards.” These shards symbolize users’ active engagement with the protocol and prove their commitment to the Ethena ecosystem.
To qualify for the airdrop, users must ensure their USDe holdings are staked or maintained within the Ethena protocol by April 1, 2024. Eligible participants can anticipate receiving their ENA tokens on April 2, 2024. Thus, they can unlock exciting opportunities for trading and other activities on leading crypto exchanges such as Binance.
Fake Ethena Labs Token Experience $290K Exploit
In the wake of Ethena Labs’s highly anticipated ENA token launch on Binance Launchpool, an exploit involving a counterfeit token bearing the same name occurred. Unrelated to Ethena Labs, the fake token was exploited for 480 BNB tokens, approximately $290,000, hours after the announcement of Ethena’s ENA token farming on Binance.
The vulnerability exploited in the attack remains shrouded in mystery, with on-chain security firm PeckShield the first to break the news. Even though the exploit is relatively modest compared to recent crypto hacks, it underscores the persistent challenges facing the crypto industry regarding security and investor trust.
Rising Crypto Hacks And Investor Trust
This exploit follows closely on the heels of the over-$11-million Prisma Finance hack on March 28. Immunefi, a blockchain security company, reports that more than $200 million in cryptocurrency has been lost due to hacks and rug pulls in 2024, with 32 distinct incidents as of February 29.
However, the crypto industry witnessed a notable decrease in the value of funds stolen in 2023 compared to previous years. Chainalysis reported a decline from over $3.7 billion in 2022 to $1.7 billion in 2023. However, the number of hacking incidents is still on the rise.
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