First Mover Americas: Ethena Labs’ New Token Rallies Overnight

Lyllah Ledesma is a CoinDesk Markets reporter currently based in Europe. She holds bitcoin, ether and small amounts of other crypto assets.

Ethena Labs is a decentralized finance protocol that offers the $1.3 billion yield-earning USDe , and ENA is its new governance token. ENA is currently trading at around $0.93, up 49% in the past 24 hours. The token began trading on April 2 at around $0.60. A number of cryptocurrency exchanges have listed the token, including the world’s largest, Binance. The price rally pushed the token’s market value up to $1.

The crypto-related venture capital firm Paradigm is looking to raise between $750 million and $850 million for a new fund,

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