Ethena, also known as
ENA, has been experiencing significant volatility in the cryptocurrency market. After a surge of 13.5% prompted projections of 100x growth in the altcoin season, the token experienced a fall of 30%. This downturn led to a significant loss for whales and caused community outrage over a change in tokenomics. However, the price went up again after staking rewards were increased and received an endorsement from Bybit for the USDe token to be used as collateral for derivatives trading. Ethena has also had some significant partnerships, such as its agreement with Coinbase Prime and being listed on
Binance Launchpool. While the token is not immune to market fluctuations, it has managed to attract the attention of key industry players, including Delphi Labs' CEO, who predicted Ethena to become the highest revenue-generating crypto project. The USDe stablecoin, launched recently on
Solana Network, surpassed $3 billion, flipping
First Digital's FDUSD. However, it is flagged for its high risk due to its reliance on reserves and synthetic building blocks. With the impressive run so far and the significant changes to its tokenomics, Ethena shows boldness and creativity, traits necessary for success in the rapidly evolving crypto landscape.
ENA Coin News Analytics from Wed, 27 Mar 2024 07:00:00 GMT to Tue, 10 Sep 2024 17:10:00 GMT -
Rating -1
- Innovation 7
- Information 6
- Rumor -5
