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Information about Ethena (ENA)
Ethena is a synthetic dollar protocol built on Ethereum that will provide a crypto-native solution for money not reliant on traditional banking system infrastructure, alongside a globally accessible dollar denominated savings instrument - the 'Internet Bond'.
Ethena's synthetic dollar, USDe, will provide the first censorship resistant, scalable and stable crypto-native solution for money achieved by delta-hedging staked Ethereum collateral. USDe will be fully backed transparently onchain and free to compose throughout DeFi.
ENA is a native coin of the Ethena ecosystem, operating on Ethereum according to ERC20 standard. ENA token holders can vote on protocol governance decisions.
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News
Ethena’s ENA token plummeted 16% to 0.3012 USD following bearish market sentiment and an impending token unlock.
With trading volume surging to 301.81 million USD, the total market cap dropped to 1.62 billion USD, reflecting increased trader activity ahead of the April 5 token release.
Ethena’s ENA token will unlock 7.93 million tokens shortly, valued around 3.29 billion USD.
The price of ENA has increased by 4.66% recently, currently trading at 0.4170 USD. Market capitalization has reached 2.2 billion USD.
25% of ENA is held by private investors, while team members and advisors possess 30% of the total supply, with more significant unlock events ahead.
ENA is currently valued at 0.3583 USD, with a market capitalization of 1.89 billion USD. It faces crucial support at 0.35 USD and resistance at 0.47 USD, essential for its breakout prospects.
Despite recent optimism, on-chain signals present challenges for ENA, with rising open interest reflecting more liquidations in long positions than shorts. This condition indicates potential downward pressure on the altcoin’s price.
Ethena Labs and Securitize have announced the launch of Converge, an EVM blockchain tailored for retail and institutional investors. It aims to provide access to standard DeFi applications and is designed to bridge traditional finance with innovative DeFi opportunities.
The Converge blockchain will initially offer products from prominent players like Ethereal and Aave Labs. It has already seen nearly $2 billion in minted assets through Securitize, indicating a robust tokenization market support.
Users will be able to stake Ethena’s governance token, ENA, while utilizing USDe and USDtb as gas tokens. The support from custodians like Anchorage and Copper enhances its operational framework.
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