Binance, the world’s leading cryptocurrency exchange, has announced plans to support new Ethereum (ETH)-based altcoins through its Launch Pool platform.
Binance Launchpool, which allows users to stake coins and invest in new assets, says its 50th project will be Ethena (ENA), a synthetic dollar protocol.
Ethena aims to provide a currency-native solution that does not rely on traditional banking system infrastructure through a synthetic dollar called USDe. The protocol also offers a dollar-denominated savings vehicle called “Internet Bonds.”
Describe the project's white paper.
“'Internet Bond' combines the yield earned from staked Ethereum with funds and basis spreads from perpetual and futures markets to create the first on-chain crypto-native 'bond' that can function as a dollar-denominated savings. ” for users in authorized jurisdictions. ”
From March 30th to April 2nd, Binance users will be able to farm ENA by staking BNB and stablecoin First Digital USD (FDUSD) in separate pools. The exchange will then list the asset on April 2nd.
Binance plans to put a seed tag on ENA, which the exchange will apply to illiquid projects with higher volatility compared to other listed tokens. Binance requires users who own assets with seed tags to pass a quiz every 90 days to ensure they are aware of the risks before trading their tokens.
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