Leading global crypto exchange Binance has announced plans to support a new Ethereum (ETH)-based altcoin through its Launchpool platform.
Binance Launchpool, which allows users to stake coins to grow new assets, say the 50th project will be Ethena (ENA), a synthetic dollar protocol.
Ethena goals to provide a crypto-native solution for money that does not rely on the traditional infrastructure of the banking system, through a synthetic dollar called USDe. The protocol also offers a dollar-denominated savings instrument called “the Internet Bond.”
Explains the project whitepaper,
“The ‘Internet Bond’ will combine the returns derived from staked Ethereum, as well as the funding and basis spread from perpetual and futures markets, to create the first on-chain crypto-native ‘bond’ that can function as a dollar-denominated savings account . tool for users in permitted jurisdictions.”
Between March 30 and April 2, Binance users can stake both BNB and the stablecoin First Digital USD (FDUSD) in separate pools to farm ENA. The exchange then plans to list the asset on April 2.
Binance will attach a Seed tag to ENA, which the exchange will apply to projects with lower liquidity that may exhibit higher volatility compared to other listed tokens. Binance requires users who own assets with Seed tags to take quizzes every 90 days to ensure they are aware of the risks before trading the tokens.
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Generated image: Midjourney