Ethena’s ENA Token Reaches 7-Month High Following Binance Listing
The governance token of the decentralized finance protocol Ethena (ENA) reached its highest value since January, hitting 87 cents and increasing by 8.3% in 24 hours and over 20% in a week. This surge follows Binance's announcement to list trading for USDe, Ethena's $13 billion yield-generating token.
Key points:
- ENAs fee switch mechanism will share protocol revenues with holders.
- Ethena generated $54 million in revenue last month and over $480 million since its launch in late 2023.
- Arthur Hayes stated the Binance listing will activate the fee switch, enabling $500 million in buybacks.
- USDe's market cap rose from $5.5 billion to nearly $13 billion as investors seek yields.
- USDe offers a 6.5% annualized yield for stakers, surpassing traditional money market funds.
- StablecoinX and TLGY raised $530 million to acquire ENA tokens, linking them to Ethena's treasury.
- Ethena is launching a native stablecoin for MegaETH and is considering competition in stablecoin issuance.