Binance, the world’s leading cryptocurrency exchange, has announced plans to support a new Ethereum (ETH)-based altcoin through its Launchpool platform.
Binance Launchpool, which allows users to stake coins to farm new assets, says its 50th project will be Ethena (ENA), a synthetic dollar protocol.
Ethena aims to provide a crypto-native money solution that does not depend on the infrastructure of the traditional banking system through a synthetic dollar called USDe. The protocol also offers a dollar-denominated savings instrument called “Internet Bonus.”
Explains the project white paper,
“The ‘Internet Bond’ will combine yield derived from staked Ethereum, as well as funding and base spread from the perpetual and futures markets, to create the first on-chain crypto-native ‘bond’ that can function as dollar-denominated savings.” . account instrument for users in permitted jurisdictions.”
Between March 30 and April 2, Binance users can stake BNB and the First Digital USD stablecoin (FDUSD) in separate pools to farm ENA. The exchange then plans to list the asset on April 2.
Binance will attach an initial tag to ENA, which the exchange applies to low-liquidity projects that may experience higher volatility compared to other listed tokens. Binance requires users who own seed tag assets to pass tests every 90 days to ensure they are aware of the risks before trading the tokens.
