Ethena Announces Integration with Major Exchanges' Wallets
Ethena Labs has teamed up with major centralized exchange wallets such as Binance, Bybit, OKX and Bitget to make it easier for users to participate in their rewards program.
Ethena Labs has integrated its protocol into the wallets of major exchanges such as Binance, Bybit, OKX and Bitget. Starting April 10, users who lock their USDe in these wallets for at least 7 days will receive +20% to their rewards. These rewards, called SATS, can be converted into ENA tokens at the end of each campaign.
We are excited to announce our integration with exchange wallets
— Ethena Labs (@ethena_labs) April 10, 2024
The integrated wallets are:@Web3WithBinance@Bybit_Official@okxweb3@BitgetWallet
Users locking USDe for at least 7 days through exchange Web3 wallets are eligible for a 20% reward boost starting today pic.twitter.com/kUJOLiKeKM
To get these points, users need to stake their USDe. The protocol's TVL is now nearly $2.3 billion and annual revenue is $178 million. After the announcement of the integration, the ENA token rose 21% instantly. However, the token started the new trading day with a drop.
According to Lookonchain, the top 10 wallets have staked 37.5 million ENA ($51 million) since the launch of the second season of staking. The protocol previously offered 67% APY on USDe after its March 8 launch and added Bitcoin as a collateral asset for its synthetic dollar. These moves drew criticism from the market, which expressed fears of a repeat of the Terra-Luna situation.
Interestingly, Charles Edwards, founder of Capriole Investments, called Ethena (ENA) the LUNA project of this cycle. Yet, he believes there are significant differences. In his thread, he explained:
"It’s 100% collateralized and the yield is variable based on market forces. Two things Luna wasn’t."
Ethena is the Luna of this cycle, except the underlying economics are actually sustainable. It's 100% collateralized and the yield is variable based on market forces. Two things Luna wasn't. At it's peak LUNA was over 20X bigger than what ENA is now. ENA is not risk free, custody…
— Charles Edwards (@caprioleio) April 10, 2024
However, the debate around the performance of Ethena continues.
