Ethena Labs Partners with Major Exchanges for Reward Program

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Ethena Labs, a company that creates synthetic dollars, has formed partnerships with prominent cryptocurrency exchanges such as Binance, Bybit, OKX, and Bitget. These collaborations make it easier for users to join Ethena Labs’ rewards program.

Starting today, we’re thrilled to share that our platform now supports integration with select exchange wallets! These wallets include @Web3WithBinance, @Bybit_Official, @okxweb3, and @BitgetWallet. If you lock USDe in any of these wallets for a minimum of 7 days, you’ll receive an additional 20% reward boost!

— Ethena Labs (@ethena_labs) April 10, 2024

Individuals who keep USDe in exchanges’ Web3 wallets for a minimum of 7 days are now eligible for a 20% increase in rewards, as per Ethena’s latest announcement. These incentives, referred to as “Ethena sats,” can be exchanged for ENA tokens at the conclusion of each promotional period.

Users can start making “Sats,” which is a term used in the Bitcoin world for small units of the cryptocurrency, by transferring Ethena USDe stablecoins into their exchange wallets. Next, they should link these wallets to the Ethena Decentralized Finance (DeFi) platform and commit their funds for staking. This protocol now manages an impressive total value of $2.274 billion, yielding approximately $178 million in yearly returns.

The rewards offered by Ethena’s protocol ecosystem have attracted considerable notice and activity. Following the debut of Ethena Staking Season 2, the top ten wallets have taken out 37.5 million ENA ($51 million) and deposited them accordingly, according to blockchain analysis company Lookonchain.

Ethena gained media attention by announcing an exceptionally high annual return of 67% on USDe just days after its debut on March 8. However, this attractive rate exceeds the current 24% APY on stablecoins and involves risks associated with earning income from Ethereum derivative trading.

Guy Young, the founder of Ethena, addressed the concerns by explaining that its yields are naturally grown and sustainable, in contrast to the volatile returns of previous stablecoins. The sources of Ethena’s verified yields are diverse, such as Ethereum rewards, transaction fees, and trading revenue, ensuring transparency for users.

The integration of this system and the strong incentives it offers are believed to significantly increase Ethena’s appeal and frequency of use among users in the decentralized finance sector.

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2024-04-11 07:48