Ethena Labs increases staking rewards (Autumn_ schroe/Unsplash)
ENA, the native token of Ethena Labs, surged by 15% on Monday following the announcement of "season 2," which includes a 50% increase in rewards for a portion of users.
The token is currently trading at $1.26 after debuting at $0.64 last week, according to CoinMarketCap. Ethena Labs is a decentralized finance (DeFi) protocol behind the yield earning USDe stablecoin.
As of April 8, users can lock in ENA for a minimum of seven days. Users who lock 50% or more of their ENA relative to their balance of USDe will receive a reward boost of 50%.
Blockchain analytics firm Lookonchain reported that three wallets withdrew a total of 11.9 million ENA ($15.23 million) from Binance in order to stake.
"Team and investor allocations, which are locked on vesting schedules, will not be able to participate in the $ENA lock," Ethena Labs wrote in a blog post.
The initial cap of the ENA lock was set at $200 million and will be adjusted to increase over time.
Last week, Ethena introduced a strategy that involves purchasing bitcoin (BTC) and simultaneously shorting the asset to generate an annual yield in a cash and carry trade. The platform has employed a similar strategy on ether (ETH) since January.
Edited by Sheldon Reback.
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