Cryptocurrency exchange Bitget has announced the listing of the Ethena (ENA) token, the Ethena service token, which is a synthetic dollar stablecoin protocol.
The token will be hosted on Launchpool, where users can stake BGB and USDT to farm ENA.
As a synthetic dollar protocol built on Ethereum, Ethena provides a cryptographic solution for money without relying on the infrastructure of the traditional banking system. Ethena's synthetic dollar, called USDe, is the first censorship-resistant, scalable, and stable Ethereum secured by delta hedging.
USDe is fully supported on the blockchain and can be freely created in DeFi. The stability of the USDe peg is achieved by using derivatives to delta hedge positions against collateral held by the protocol.
Ethena users will be able to buy or sell USDe with collateral in stablecoins such as USDT or USDC.
In addition, the USDe-backed mechanism will create the first "internet bond" to exist alongside the synthetic dollar, offering a crypto-native, dollar-denominated savings instrument derived from Ethereum fee revenues, as well as funding and basis spreads available in the perpetual and futures markets, according to Bitget.
Through Launchpool, Bitget users will be able to bet and earn tokens on favorable terms by participating in free giveaways and promotions.
To celebrate the listing of the Ethena (ENA) token on Bitget, the exchange is launching two promotions to win a share of 3,750,000 ENA from Launchpool.
The campaigns will run from April 2 to April 12, 2024.
Launchpool users can stake a maximum of 100,000 BGB in Launchpool shares and get a share of 3,000,000 ENA. They can also stake up to 10,000 USDE and get a share of 750,000 ENA.
This initiative underlines Bitget's commitment to providing its users with a wide range of digital assets on the platform, as well as the opportunity to participate in promising and innovative projects.
It is worth noting that Bitget has been steadily increasing its share of the spot and derivatives trading markets among centralized exchanges. Currently, the platform ranks among the top 10 for spot cryptocurrency trading with over 700 coins and 800 pairs, including tokens from trending DeFi sectors.
