Artificial greenback protocol developer Ethena Labs is updating the tokenomics for its native asset, ENA, in a bid to extend the token’s utility.
Ethena goals to supply a crypto-native resolution for cash not reliant on conventional banking system infrastructure by way of an artificial greenback known as USDe.
The protocol additionally gives a dollar-denominated financial savings instrument known as “the Web Bond.”
At present, the ENA token might be locked inside Ethena to spice up potential future rewards or locked in Pendle, a decentralized finance (DeFi) protocol that permits customers to tokenize and promote future yields.
Ethena Labs says it goals to leverage generalized restaking swimming pools for staked ENA within the token’s subsequent part.
“The primary use case is to supply financial safety for cross-chain transfers of USDe counting on the LayerZero DVN based mostly messaging system. That is the primary of a number of layers of infrastructure associated to the upcoming Ethena Chain and monetary purposes constructed upon the chain which can make the most of and profit from restaked ENA modules.”
The venture notes that any person receiving ENA by way of an airdrop going ahead will likely be required to lock a minimal of fifty% of the claimable tokens from the distribution in Ethena, Pendle or generalized restaking swimming pools for staked ENA.
Ethena raised $14 million in a seed extension spherical earlier this 12 months. The funding spherical’s traders included BitMEX founder Arthur Hayes, funding big Franklin Templeton, digital asset supervisor Galaxy Digital, and Binance Labs.
ENA is buying and selling at $0.653 at time of writing.
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