Demex Daily #128: ENA Rallies with Ethena's New Staking Incentives
What’s Interesting Today:
ENA, the cryptocurrency of Ethena Labs, increased by 15% to $1.26 following an announcement of enhanced staking rewards in their latest update, "season 2". The token, which originally launched at $0.64, benefits from a new incentive scheme where users who stake at least 50% of their ENA compared to their USDe holdings receive a 50% reward increase. The program starts with a $200 million staking cap, planned to grow over time. The spike in ENA's market value prompted substantial withdrawals from Binance for staking, indicating rising investor interest. Additionally, Ethena Labs has implemented a strategy of buying bitcoin and shorting it to produce yield, extending a tactic used with ether since January.
TokenFi developers have proposed the "TOKEN Supercharge Program" to enhance benefits for TOKEN holders and stakers, including early access to platform issuances and the ability to acquire up to four times the standard quota of tokens per wallet. The initiative requires a minimum of $1,000 in TOKEN to be held or staked for priority access, with the aim of preventing quick sell-outs of token sale events to the general public and ensuring that TOKEN holders gain the most benefit. TokenFi, which allows users to launch cryptocurrencies without coding and started in 2023 as a sister project to Floki, aims to address potential sell-out issues of upcoming token launches with this program.