The price of Ethena (ENA) has been increasing, with Coinbase’s recent announcement being one of the primary reasons. The leading cryptocurrency exchange has revealed plans to add support for Ethena perpetual futures (ENA-PERP) on its Coinbase International Exchange and Coinbase Advanced platforms.
The opening of the ENA-PERP market is scheduled to begin on or after 9:30 a.m. UTC on May 2, 2024, alongside the listing of Aevo (AEVO-PERP) and Etherfi (ETHFI-PERP) perpetual futures.
What you'll learn 👉
Nexa Offers Exclusive Earn Rates for Ethena
In addition to the Coinbase listing announcement, Nexa, a digital asset management platform, is providing exclusive earn rates for Ethena (ENA). This development has further contributed to the surge in ENA’s price, as investors seek to capitalize on the potential earning opportunities.
USDe: Ethena’s Innovative Synthetic Dollar
Ethena enables users to generate USDe, a synthetic dollar, through a delta-neutral strategy that balances cryptocurrencies and cryptocurrency derivatives to maintain the stability and integrity of the stablecoin. This innovative approach has led to the rapid growth of USDe, which has captured a ~1.4% market share in the broader stablecoin market.
Users can also earn a compelling 10%+ APY on staked USDe, making it an attractive option for yield-seeking investors in the DeFi space.
Rapid Growth in Total Value Locked (TVL)
Ethena’s unique approach to stablecoins has garnered significant attention from the DeFi community, resulting in the protocol’s TVL skyrocketing to nearly $2.4 billion in just six months. The growth in TVL was further stimulated by the airdrop of $ENA, which generated substantial interest and attracted capital to the protocol.
Milei Moneda is a new meme coin inspired by the political and economic views of Javier Milei, an Argentine president known for his libertarian and pro-Bitcoin stance. You have an opportunity with the ongoing low presale price to get in early!
Sponsored
Show more +Volatility and Holder Profitability
Despite the rapid growth and recent price surge, $ENA has experienced significant volatility since its launch. According to data from IntoTheBlock, over 70% of $ENA holders are currently in a loss position relative to the moment they received the token.
Active User Base Stabilizes After Airdrop-Driven Spike
The number of active addresses on a protocol can provide valuable insights into its user base. Following the $ENA airdrop, Ethena witnessed a massive spike of nearly 40,000 active addresses. Since then, the number has stabilized at around 2,000 active users, indicating a more sustainable level of activity on the platform.
ENA Price Performance
Over the past 24 hours, ENA has experienced a 6.81% increase in price, currently trading at $0.847. The token has traded between a low of $0.7826 and a high of $0.9416 during this period.
The recent price surge in Ethena (ENA) can be attributed to a combination of factors, including the Coinbase listing announcement for ENA perpetual futures and the exclusive earn rates offered by Nexa. Ethena’s innovative approach to stablecoins, through the creation of USDe and its delta-neutral strategy, has attracted significant attention and capital from the DeFi community.
Hunting for a small cap coin that could explode 10x? We’ve unveiled a few last week alone.
Get all our future calls by joining our FREE Telegram community.
Check $RECQ Meme Coin
ICO stage, offering tokens at a discounted price
Facilitates a smooth and efficient economy within the arcade, supporting both arcade and in-game transactions.
Grants access to a diverse range of gaming experiences in the Rebel Satoshi Arcade,
Contributes to a decentralized, community-driven RebelSatoshi platform that integrates gaming with elements of revolution, freedom, and unity, appealing to users who value such principles.
