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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
In the last 24 hours, ENA experienced a notable price increase of 17%. This surge is largely attributed to futures traders, even as whales and spot traders engaged in significant selling.
The market continues to reflect bullish sentiment despite recent sell-offs, with derivative traders actively driving the price. Open interest in futures contracts saw a rise of 12.86%, indicating increased trading activity.
Fundamental drivers, particularly the performance of ENA’s synthetic dollar, sUSDe, further support its growth. This has bolstered trader confidence, contributing to a sustained bullish trend.
The cryptocurrency market is witnessing a strong resurgence, boasting a 6.76% increase in the past 24 hours and a total market capitalization reaching 2.95 trillion USD.
Among the top gainers are DeepBook Protocol (DEEP) with a 75.20% rise, Immutable (IMX) at 41.34%, Sui (SUI) increasing by 26.59%, Bonk (BONK) up 22.38%, and Ethena (ENA) surging 17.09%.
The optimistic sentiment is fueled by Paul Atkins’ recent appointment as SEC Chair, sparking hopes for clearer crypto regulations and enhancing market confidence.
Arbitrum has launched Converge, a blockchain focused on tokenizing real-world assets (RWAs) and enhancing DeFi liquidity.
Ethena Labs and Securitize are bringing 7 billion USD in assets to Converge, utilizing stablecoins to stabilize transaction fees.
The initial block time for Converge is 100 milliseconds, with enhancements planned for faster speeds, while developers have increased flexibility in programming smart contracts.
Bitcoin (BTC) has recently fallen below the 200-day moving average, indicating a bearish trend. The correlation between BTC and traditional stocks has also decreased significantly, suggesting shifts in investor sentiment.
BTC miners are reportedly selling substantial amounts as operational costs rise. Additionally, there’s a proposal for the U.S. To purchase BTC using tariff revenue from China, while attempts to pass a BTC reserve bill in Oklahoma have failed.
Companies like Semler Scientific are looking to raise 500 million USD for BTC acquisitions. Meanwhile, XRP ETFs might soon receive SEC approval, and OKX is expanding by launching a centralized exchange and a wallet service in the U.S.
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