Ethena (ENA) surged 21% on Wednesday after it announced strategic partnerships with four top crypto exchanges to allow USDe staking and introduce ENA into its 'Sat campaign.' This increase comes despite the general crypto market downturn that has seen many altcoins trade in the red.
Synthetic dollar protocol Ethena has integrated its reward program with four top exchanges, allowing users to earn a 20% bonus by staking USDe. Exchanges have seen massive withdrawals of ENA tokens since the launch of the Ethena season 2 staking rewards program. Bitwise President Teddy Fusaro says USDe risks are no where near that of UST/LUNA as he acknowledges its massive growth.
Also read:Ethena's ENA airdrop successful as USDe token sparks debate in crypto community Exchanges see massive ENA withdrawals Another key part of the campaign that may have been responsible for ENA's recent rally is the integration of ENA into its reward program on Monday. Users who lock ENA at a minimum of 50% of their total USDe holdings per wallet will receive a 50% increase in their rewards, Ethena said in an X post.
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