Bitget lists Ethena (ENA) Ethereum-based Synthetic Dollar Protocol on Launchpool

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Apr 01, 2024, 06:50 ET

VICTORIA, Seychelles, April 1, 2024 /PRNewswire/ -- Bitget, the world's leading cryptocurrency exchange and Web3 company, has announced the listing of Ethena (ENA) token, the governance token for Ethena, which is the protocol for the synthetic crypto-native dollar. The token is available on Launchpool, where users can stake BGB and USDT to farm ENA.

As a synthetic dollar protocol built on Ethereum, Ethena provides a crypto-native solution for money without relying on traditional banking system infrastructure. Ethena's synthetic dollar called USDe is the first censorship resistant, scalable and stable achieved by delta-hedging staked Ethereum collateral. USDe is fully backed transparently onchain and free to compose throughout DeFi. USDe peg stability is ensured through the use of delta hedging derivatives positions against protocol-held collateral.

On release, Ethena's users will be able to access external AMM pools to acquire or sell USDe with stablecoin collateral such as USDT or USDC. The mechanism backing USDe will enable the first "Internet Bond" that will sit alongside the synthetic dollar, offering a crypto-native, yield-bearing, dollar-denominated savings instrument, derived from staked Ethereum returns and the funding and basis spread available in perpetual and futures markets.

Bitget Launchpool enables users to stake and earn tokens with user-friendly terms and conditions. By staking BGB or other coins into the Launchpool, users have the chance to earn free airdrops, earnings, and access to a substantial prize pool. The estimated ROI is available for viewing on the Launchpool page with the flexibility to withdraw staked assets into the broader DeFi ecosystem with Bitget Wallet.

Bitget has consistently expanded its market share in both spot and derivatives trading among centralized exchanges. With a focus on providing users with opportunities to invest in popular and valuable projects, the platform is now one of the top 10 crypto spot trading platforms with over 700 coins and 800 pairs, including tokens from trending DeFi sectors. In 2023 alone, the platform added over 350 new listings, further diversifying investment options for users. Meanwhile, Bitget Wallet supports over 100 mainnets and 250,000+ tokens. Its on-chain trading function Bitget Swap enables cross-chain trading between nearly 30 mainnets.

To participate in Ethena Launchpool, visit - https://www.bitget.com/support/articles/12560603807489

About Bitget

Established in 2018, Bitget is the world's leading cryptocurrency exchange and Web3 company. Serving over 25 million users in 100+ countries and regions, the Bitget exchange is committed to helping users trade smarter with its pioneering copy trading feature and other trading solutions. Formerly known as BitKeep, Bitget Wallet is a world-class multi-chain crypto wallet that offers an array of comprehensive Web3 solutions and features including wallet functionality, swap, NFT Marketplace, DApp browser, and more. Bitget inspires individuals to embrace crypto through collaborations with credible partners, including legendary Argentinian footballer Lionel Messi and official eSports events organizer PGL.