DeFi & L1L2 Weekly – 📈 Ethena Increases Staking Rewards, Boosts USDe with Bitcoin; ENA Jumps 19%
DeFi & L1L2 Weekly – 📈 Ethena Increases Staking Rewards, Boosts USDe with Bitcoin; ENA Jumps 19%Ethena increases staking rewards by 50%, boosts USDe with Bitcoin; ENA jumps 19%. EigenLayer launches on Ethereum mainnet. Lido market share dips below 30% amid centralisation concerns.
Weekly DeFi IndexThis week's market capitalisation index was positive at +0.99%, while volume and volatility indices were negative at -16.90% and -13.82% respectively. Chart of the WeekEthena Labs, the creator of stablecoin USDe, announced ‘Season 2’ of staking with improved rewards. As of 8 April, users can lock in Ethena’s native token 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%. A minimum US$5,000 ENA position is required for users to receive the boost. Additionally, the ENA lock initial cap will be $200 million, to be adjusted to increase going forward. Moreover, Ethena Labs have also incorporated Bitcoin as a backing asset into their synthetic dollar-pegged offering. This move aims to scale USDe’s supply from its current $2 billion mark, and USDe’s Bitcoin collateral has exceeded $500 million less than a week after its introduction. Immediately following Ethena Labs’ announcement, ENA’s price spiked 19%, increasing from $1.09 to $1.31. Launched in December 2023, the Ethena protocol has now reached a total value locked (TVL) of $2.20 billion and has seen a 6.5% increase after the announcement. News Highlights
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