Ethena (ENA) has been generating significant buzz in the cryptocurrency market, mainly due to a series of strategic moves and positive economic indicators. With the so-called utility coins demonstrating a resurgence, whales have been transferring their investments from GOAT to Ethena and web3Bay. Additionally, Ethena's yield-bearing stablecoin USDE has reached a record 89% increase, prompting the total market cap for stable coins to break the $200 billion mark.
Ethena has also introduced a fee-sharing proposal for its ENA token, a strategic move meant to create a more inclusive and sustainable ecosystem. The firm's progressive approach is clearly receiving positive reactions, as predictions project the ENA price will triple in the next four years. Among the recent developments, Ethena's USDe has surged into the top three stablecoins due to demand for high yields.
However, Ethena isn't without its controversies as it denies accusations of misusing 180 million ENA tokens. Despite this, Ethena has launched a new stable coin named UStb, backed by BlackRock. ENA's price has unsurprisingly responded well to these developments, soaring to a four-month high.
Ethena's approach on using Solana as reserves for USDe resulted in ENA's price increasing by 17%. Its yield machine sees $1 billion outflows as the crypto market cools. The firm also announced plans to launch a stablecoin backed by BlackRock's tokenized BUIDL fund.
ENA Coin News Analytics from Wed, 03 Apr 2024 07:00:00 GMT to Wed, 11 Dec 2024 18:30:00 GMT - Rating 8 - Innovation 7 - Information 9 - Rumor -3