Ethena Labs’ ENA Token Goes Live, Starts Trading at 64 Cents

Etherea Labs, a decentralized finance (DeFi) protocol, has launched its new governance token (ENA) for trading. The ENA token started trading at 64 cents, with a market cap of nearly $500 million. Ethena Labs had previously announced an airdrop of 750 million ENA tokens, equivalent to 5% of the total supply, for holders of its USDe token. The USDe token, known as a “synthetic dollar,” offers yield opportunities to investors through a combination of ether liquid staking tokens and short ether perpetual futures positions. Ethena Labs also plans to introduce new incentives for the next phase of the airdrop. This expansion signifies the continued growth and popularity of the decentralized finance sector.