Ethereum

Ethena USDe

LayerZero

USDe

Ethena

<ul class="list-ic vertical"> 
 <li> 1 <a>Ethena, an Ethereum blockchain financial protocol, announced an ENA tokenomics update.&nbsp;&nbsp;</a> </li> 
 <li> 2 <a>ENA and USDe would be restaked through LayerZero and Symbiotic.&nbsp;</a> </li> 
 <li> 3 <a>The announcement generated waves in USDe and ENA prices.&nbsp;</a> </li> 
</ul> 
On June 17, Ethena Labs shared an important update on the growth and utilization of Ethena (ENA) and Ethena USDe (USDe). Generalized staking for both the tokens through LayerZero and Symbiotic was announced.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 
<h2 class="wp-block-heading" id="strong-introduction-to-ena-usde-restaking-strong">Introduction to ENA &amp; USDe Restaking&nbsp;</h2> 
The Ethena ecosystem is expanding its roots in the crypto space, adding an update to the ongoing ENA tokenomics process. ENA use cases like asset lock and staking, along with generalized staking and staking rewards within Symbiotic, were disclosed in the recent update. 
Symbiotic is a network offering secure and permissionless staking. 
Generalized staking is the first move towards adding utility to the ENA token. Based on the update, the token can be used for asset locking to boost potential future rewards. Also, the locked ENA pools carry over 290 million tokens.&nbsp; 
Asset locking within Pendle Finance PT-ENA is another functionality in which users can gain a fixed annual percentage yield (APY) of approximately 75%. Restaking the token was another feature introduced by Ethena Labs to offer economic security for cross-chain transfers. 
Initially, Ethena Labs will employ a generalized restaking framework with Symbiotic and LayerZero. As per staking reward details, stakers can get 30x per ENA per day, along with Symbiotic points, Mellow points, and LayerZero RFP allocations.&nbsp; 
In the same way, individuals receiving tokens via airdrop have to lock a minimum of 50% of tokens, and failing to do this, unvested ENA will be redistributed to other users who lock the tokens.&nbsp;&nbsp; 
<h3 class="wp-block-heading" id="strong-previous-updates-on-tokenomics-strong">Previous Updates on Tokenomics</h3> 
According to the<a href="https://www.thecoinrepublic.com/2024/05/21/ethena-technicals-are-bullish-does-it-signify-it-could-rally/" target="_blank" rel="noreferrer noopener"> Ethena Labs</a> blog post, on April 2nd, 5% of the total supply of ENA tokens was distributed to the community. The allocation occurred after a six-week campaign and was supposed to hit the final phase in September. 
The blog also detailed ‘points’ program distributions and season 1 campaign details. 15% of the token supply, which is approximately 2.25 billion coins, would be allocated for the ‘points’ program distributions. The percentage may increase to 20% depending on the growth in USDe. 
According to CoinMarketCap data, uncovering the token distribution system, 41.59% was reserved for investors, 49.91% for core contributors, and 8.5% will be offered in airdrop. 
<h3 class="wp-block-heading" id="strong-ena-usde-performance-strong">ENA &amp; USDe Performance</h3> 
The announcement made big waves in ENA and USDe price performance. At press time, ENA was standing in a bearish zone, trading at $0.6189, after an intraday drop of 13.14% in a day with a market cap of $941,132,324 and $220,915,698 in 24-hour volume. 
<div class="wp-block-image"> 
 <figure class="aligncenter size-full">
 <img loading="lazy" decoding="async" width="997" height="558" src="https://www.thecoinrepublic.com/wp-content/uploads/2024/06/image-200.png" alt="Ethena" class="wp-image-208972" srcset="https://www.thecoinrepublic.com/wp-content/uploads/2024/06/image-200.png 997w, https://www.thecoinrepublic.com/wp-content/uploads/2024/06/image-200-300x168.png 300w, https://www.thecoinrepublic.com/wp-content/uploads/2024/06/image-200-768x430.png 768w, https://www.thecoinrepublic.com/wp-content/uploads/2024/06/image-200-750x420.png 750w" sizes="(max-width: 997px) 100vw, 997px">
 </figure>
</div> 
Ethena Price Chart I Source: CoinMarketCap&nbsp; 
Within a seven-day timeframe, the token price dropped from $0.7431 on June 11 to $0.7285 on June 17 before hitting $0.6189.&nbsp;&nbsp;&nbsp; 
USDe, alternatively, showcased inverse performance in terms of price. At press time, the token price shot up from $1.0005 on June 17 to $1.00, reflecting a 0.02% intraday spike. USDe holds a market cap of $3,530,966,441 and $41,803,184 in 24-hour volume.&nbsp;&nbsp;&nbsp;&nbsp; 
<h4 class="wp-block-heading">Disclaimer</h4> 
The analysis given above is for informational and educational purposes only. You should not take it as financial, investment, or other advice. Investing in or trading crypto assets is risky. Please consider your circumstances and risk profile before making any investment decisions.

Ethena To Incentivize Realignment Of ENA Holders: What’s Next?

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