Decentralized finance protocol Ethena’s (ENA) total value locked (TVL) surged more than 1,700% since the beginning of the year to over $1.57 billion on Tuesday as high yield and airdrop fuel growth in its ecosystem.
Stablecoin issuer Ethena’s TVL has grown more than 1,700% since the beginning of the year. The airdrop of the protocol’s ENA token goes live as it starts trading on top crypto exchanges. MarkerDAO is considering allocating $600 million worth of DAI into USDe and sUSDe. Decentralized finance protocol Ethena’s total value locked surged more than 1,700% since the beginning of the year to over $1.57 billion on Tuesday as high yield and airdrop fuel growth in its ecosystem.
Another factor propelling Ethena's growth is the anticipation of the airdrop of its governance token, ENA. The airdrop went live on Tuesday, rewarding holders of USDe with 750 million ENA tokens, which constitute 5% of its total supply. Prominent exchanges like Binance, Bybit, and Bitpanda also listed the tokens for trading on their platforms.
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