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Ethena (ENA) is listed on EXMO.com: become a part of the financial revolution!
We are excited to announce the listing of Ethena (ENA). This project aims to open up a more accessible financial system that does not rely on traditional banking infrastructure. You can now trade it on EXMO.com with USDT!
Ethena is a synthetic dollar protocol built on Ethereum and led by Ethena Labs. Ethena (ENA) is now available for deposits and trading with USDT. Soon, you will also be able to withdraw the token from your EXMO.com wallet, so stay tuned!
Why Ethena?
Ethena offers a crypto-native solution for the financial system that doesnโt depend on traditional banking system infrastructure. Ethena has introduced a synthetic dollar called USDe, the first of its kind to be censorship-resistant, scalable and stable. As of 2nd April 2024, it holds the fifth position on the CoinGecko ranking of global stablecoins in terms of market capitalisation.
How does it work?
The USDe token maintains a stable value by pairing ETH liquid staking tokens with an equal value of short ETH perpetual futures positions on derivatives exchanges. This strategy, often referred to as a “cash and carry” trade, aims to keep the token’s price close to $1, while harvesting derivatives funding rates for yield.
Recently, the protocol’s USDe token has seen remarkable growth, surging from $85 million to over $1.5 billion in value since the beginning of the year, according to DefiLlama data.
This listing marks an exciting opportunity for traders on EXMO.com to access this innovative token. Start trading ENA on EXMO.com!
Disclaimer
We do our utmost to ensure only reliable cryptocurrencies are traded on EXMO.com. However, investing in cryptocurrencies is the personal responsibility of each trader. We are not responsible for any possible losses incurred as a result of trading operations. Also, remember the DYOR rule (Do Your Own Research) when choosing a project to invest in.