Ethena (ENA) Labs integrates with major exchanges for rewards programs.
Synthetic dollar developer Ethena Labs has partnered with major centralized exchange wallets to offer users a 20% rewards boost when they lock up their USDe stablecoin for 7 days and convert their rewards into ENA tokens.
Recently, Ethena Labs, a company specializing in synthetic dollar development, announced integrations with major centralized exchange wallets, including Binance, Bybit, OKX, and Bitget. The purpose of this integration is to make it easier for users to participate in Ethena’s rewards program and increase the popularity of the platform among members of the decentralized finance (DeFi) community.
Ethena Labs is offering a 20% rewards increase to customers who lock their USDe stablecoin for more than 7 days using the Exchange Web3 wallet. This is done as an incentive for users. At the end of each campaign, these incentives, called “Ethena sats”, have the potential to be converted into the system’s native ENA tokens. Ethena Labs plans to simplify the process for users to participate in rewards programs and gain additional benefits through the integration of well-known exchange wallets.
Currently, the total value locked (TVL) of the Ethena DeFi protocol is $2.274 billion, which translates into $178 million in annual revenue. Since the launch of Ethena Stake Season 2, the incentives provided by the protocol ecosystem have attracted a lot of interest and adoption. Lookingonchain, a company specializing in blockchain analytics, reports that the top 10 wallets held 37.5 million ENA. This is equivalent to US$51 million.
Ethena’s USDe stablecoin became the fifth-largest stablecoin on the market shortly after launch. This demonstrates the rapid growth of the USDe stablecoin. Initially, the system delivered a high Annual Percentage Yield (APY) of 67%. However, it currently offers a 24% APY on stablecoins. However, concerns have been expressed about the potential of the mechanism to continue to operate in the long term. Ethena’s inventor, Guy Young, solved this problem by emphasizing that the protocol’s revenue was organic and sustainable. These returns are obtained from a variety of sources, including Ethereum incentives, execution fees, and trading profits.
Ethena’s popularity and usage within the DeFi community is expected to grow further due to its integration with large centralized exchange wallets. Ethena Labs’ goal is to increase the number of users participating in the rewards program by making the program participation process easier, thereby increasing the total value locked in the protocol.
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