Binance has recently unveiled its 50th project on Binance Launchpool – Ethena (ENA), an Ethereum-based synthetic dollar protocol. Ethena aims to offer a crypto-native alternative for money that doesn’t depend on traditional banking infrastructure. Additionally, it introduces a globally accessible dollar-denominated savings instrument known as the ‘Internet Bond.’ So what are the details of the project on Binance Launchpool, and can we still manage to farm its airdrop? We will let you know the details in this article.

What is Ethena (ENA)?

Ethena (Ena)

Ethena is a platform based on Ethereum that focuses on creating a synthetic dollar and internet-native yield. Its main goal is to ensure stability and growth in the DeFi world, mainly through USDe, a synthetic dollar. Ethena Labs, part of the platform, uses Ethereum collateral to keep USDe’s value stable. This provides users with a stable and scalable crypto-based solution. Additionally, Ethena introduces the ‘Internet Bond,’ which offers ways to earn returns through staking and derivatives. This helps to diversify income and make dollar-based savings accessible to everyone worldwide.

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Details about the Ethena Farming campaign on Binance Launchpool

Ethena Farming Pool On Binance Launchpool
Ethena Farming pool on Binance Launchpool (Source: Binance)

Binance Launchpool offers an exciting opportunity to engage with Ethena, the 50th project on Launchpool. Here’s how you can participate:

  1. Verify your Binance account: Make sure you have verified your account to be eligible to stake in the launchpools. Don’t have a Binance account yet? Register here
  2. Stake your BNB / FDUSD in the pools: Earn ETHFI tokens by staking your current holdings of BNB or FDUSD on Binance Launchpool.
  3. Claim your rewards and trade: Once the farming duration ends, you need to claim all your rewards in ETHFI tokens (you can claim the rewards at any time), and then get ready for the token listing on 2024-04-02 08:00 (UTC) and open trading with ENA/BTC, ENA/USDT, ENA/BNB, ENA/FDUSD and ENA/TRY trading pairs

Ethena Launchpool Details:

  • Token Name: Ethena (ENA)
  • Max Token Supply: 15,000,000,000 ENA 
  • Launchpool Token Rewards: 300,000,000 ENA (2% of max token supply)
  • Initial Circulating Supply: 1,425,000,000 ENA (9.5% of max token supply)
  • Smart Contract Details: Ethereum
  • Staking Terms: KYC required 
  • Hourly Hard Cap per User:
    • 333,333.33 ENA in BNB pool
    • 83,333.33 ENA in FDUSD pool

 Supported Pools: 

  • Stake BNB: 240,000,000 ENA in rewards (80%) 
  • Stake FDUSD: 60,000,000 ENA in rewards (20%)
  • Farming Period: 2024-03-30 00:00 (UTC) to 2024-04-01 23:59 (UTC).

ENA Farming Distribution

Dates (00:00:00 – 23:59:59 UTC each day)Total Daily Rewards (ENA)BNB Pool Daily Rewards (ENA)FDUSD Pool Daily Rewards (ENA)
2024-03-30 – 2024-04-01100,000,00080,000,00020,000,000
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Regarding the Binance Launchpool, there are some points that you should note:

  • User balances and total pool balances will be monitored regularly to calculate hourly average balances and user rewards, updated hourly.
  • Users can accumulate and claim rewards to their spot accounts at any time.
  • Each pool’s APY and total balance will be updated in real-time.
  • Tokens can only be staked in one pool at a time.
  • Users can unstake their funds immediately and participate in other pools.
  • Staked tokens and unclaimed rewards will be transferred to users’ spot accounts at the end of each farming period.
  • Binance BNB Vault and Locked Products support Launchpool participation, with BNB automatically allocated to ongoing projects.
  • BNB Vault assets collateralizing Binance Loans are ineligible for Launchpool rewards.
  • Staking BNB in Launchpool still offers standard BNB benefits, such as airdrops, Launchpad eligibility, and VIP benefits.

Airdrop Allocation for Season 1

In Summary:

  • Up to 30% of the Airdrop allocation will be reserved for users, with 5% designated for the first phase and criteria for the second phase to be announced later.
  • Any users who unstake or sell USDe before this date will not be eligible for the airdrop.
  • Tokens will be claimable on 04/02 at this link, while the snapshot will be taken on Aril 1st
  • The top 2,000 wallets with the highest Shard will be required to lock $ENA for 6 months -> The remaining portion will be allocated 100%.
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Ethena (ENA) Tokenomics:

  • Core Contributors: 30%
  • Investors: 25%
  • Foundation: 15%
  • Ecosystem: 30%
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Reward in Season 1
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Ethena Airdrop Season 2

As stated in the latest blog, season 2 will begin immediately on April 2nd.

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Therefore, let’s follow our instructions below to prepare for the upcoming wave of Ethena Airdrop Season 2:

  • Initial Investment: $100
  • Blockchain: Ethereum (ETH)
  • Fundraising Goal: $20 million with a valuation of $300 million
  • Supported by: BinanceLabs, OKX Venture, Delphi Digital, and others

How to Participate:

Step 1: Prepare your investment: ETH (approximately $30-$40 for gas fees) and a minimum of $100 USDT on the Ethereum network.

Step 2: Access the platform: Visit http://app.ethena.fi/

Connect your wallet and proceed to Buy, swapping USDT for USDe.

How to Earn Shards:

  1. Hold USDe to receive 5x Shards daily automatically.
  2. Access the Liquidity section and select locked USDe to receive 10x Shards daily (currently capped at 200M). The more USDe you lock, the more Shards you earn daily.
  3. Provide liquidity on Curve with the USDC-USDe pair (without staking) and then return to Ethena to lock the pool, earning 20x Shards.

Important: Withdrawals from locked funds take 21 days!

The instruction is updated at the time of writing this article. In case Ethena requires further tasks for the airdrop season 2, we will provide further updates!

Conclusion

In conclusion, Ethena is an Ethereum-based platform dedicated to fostering stability and growth within the DeFi ecosystem by offering a synthetic dollar and internet-native yield through USDe. Ethena Labs leverages Ethereum collateral to maintain USDe’s stability, providing users with a reliable and scalable crypto solution. Through this article, you’ve gained insight into the Ethena project and learned how to participate in farming Ethena on Binance Launchpool, as well as how to potentially benefit from the second-round airdrop.

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