Ethena TVL Hits $2.24B, ENA Spikes to New High

By TheNewsCrypto
about 2 months ago
DEFI USDE ENA FRAX SGLY
  • The total value locked (TVL) in Ethena has risen to $2.24 billion.
  • ENA attained its new high of $1.40 within the last 4-hour window.
  • As part of “Season 2,” Ethena Labs ramps up ENA rewards by 50% for token locking.

DeFi protocol Ethena Labs, the creator of yield-earning stablecoin USDe, has displayed commendable surges on the charts ever since the ENA token launch. The protocol’s token jumped 103% and the overall TVL rose 45%.

In the last 24 hours, following the Ethena Labs’ announcement of a 50% reward increase for token locking in its “season 2”, ENA spiked 18% to hit $1.4, while the TVL surged 8.5% to reach $2.244 billion.

In the campaign, the protocol is set to increase the rewards by 50% for users who lock a minimum of 50% in ENA compared to their USDe balance. As per the official blog, “team and investors allocations” that are subject to a locked vesting schedule are not eligible for this boost.

Besides this, on Monday, in its Singularity Roadmap, DeFi lender Frax Finance unveiled the allocation of $250 million worth USDe to USDe POL, one of the “deepest liquidity” DeFi pools.

Ethena (ENA) — TVL & Token Price (Source: DefiLlama)

Post the announcement, the protocol’s native token noted an increase of over 13% over the last 24 hours. At the time of writing, ENA was priced at $1.26 with a market cap of $1.8 billion. The alt’s daily trading volume recorded a 94.8% surge, hitting $1.57 billion. As per the ENA/USDT price chart, ENA marked $1.40 as its new all-time high (ATH) on the crypto exchange Binance.

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