Synthetic stablecoin protocol Ethena Labs has integrated with centralized exchange wallets of Binance, Bybit, OKX, and Bitget as of April 10.
“Users locking USDe for at least 7 days through exchange Web3 wallets are eligible for a 20% reward boost starting today,”Ethena developers. The incentives, issued in the form of “Ethena sats,” can be converted to its native ENA token at the end of each campaign. To earn sats, users must first deposit Ethena USDe stablecoins into their exchange wallets, connect to the Ethena decentralized finance protocol, and stake their holdings. The protocol has a total value locked of $2.
Meanwhile, Ethena's yields, which are publicly verifiable, are derived from a combination of Ethereum consensus layer inflation rewards, execution fees paid to Ether stakers, maximal extractable value fee captures acquired by Ether stakers, and trading income provided by Ethena Labs. Specifically, the firm opens short derivative positions when it receives long-position collateral assets for minting USDe.
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