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Artificial dollar protocol developer Ethena Labs updates tokens for its native asset, thisin an attempt to increase the utility of the token.
Athens Objectives To provide a native crypto solution for money that does not depend on the infrastructure of the traditional banking system via a so-called artificial dollar American dollar.
The protocol also offers a dollar-denominated savings instrument called “cyberbonds.”
Currently, the ENA token can be locked or locked within Ethena to enhance potential future rewards PendleIt is a decentralized finance (DeFi) protocol that allows users to tokenize and sell future returns.
Ethena Labs says it aims to leverage ENA’s popularized staking redeposit pools in the token’s next phase.
“The first use case is to provide economic security for cross-chain transfers for USDe based on the LayerZero DVN-based messaging system. This is the first of several layers of infrastructure related to the upcoming Ethena blockchain and on-chain financial applications that will use and leverage the refactored ENA modules.” “
The project notes that any user who receives ENA via an airdrop from now on will be required to lock at least 50% of the claimable tokens from distribution in Ethena, Pendle, or circulated redemption pools for staking ENA.
Athens It raised $14 million In a seed extension round earlier this year. Investors in the funding round included BitMEX founder Arthur Hayes, investment giant Franklin Templeton, digital asset manager Galaxy Digital, and Binance Labs.
ENA is trading at $0.653 at the time of writing.
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