Artificial dollar provider Ethena has considered its governance token cruise within the final seven days, amidst the announcement of several neatly-obtained updates to the protocol.

ENA has increased with regards to 60% from 28.5 cents on Oct. 9 to forty five.6 cents early Tuesday, files from CoinGecko reveals. ENA has been for sure one of many finest performers among cryptocurrencies over that point frame, with BTC and SOL finest rising about 7% each and every over the final seven days.

ENA’s most modern news consists of governance people furious a pair of proposal to onboard SOL as a backing asset for USDe, Ethena’s artificial dollar. In addition, Ethena Labs announced on Oct. 10 that the protocol plans to make investments its backup fund, which is price about $46 million, into four actual-world asset merchandise: BlackRock and Securitize’s BUIDL, Sky’s USDS, Mountain’s USDM, and Superstate’s USTB.

Learn More: What Is Ethena’s USDe Synethic Buck? A Newbie’s Manual

The form of ENA tokens sitting on all exchanges corresponding to Binance has increased about 7.7% from round 606 million tokens on Oct. 8 to with regards to 653 million at presstime, in response to blockchain analytics firm Nansen. The increased form of tokens on exchanges reveals that extra trading is being performed the usage of ENA. Namely, within the final seven days, Binance has considered the biggest inflow among all exchanges with $16.3 million in ENA tokens, but Uniswap has considered the biggest reduction of ENA tokens, with the change’s stability lowering by over $1 million price of ENA tokens.

Ethena is the tenth finest protocol within the decentralized finance ecosystem with a total price locked of $2.43 billion, per DefiLlama.

As for a capacity ENA is used in Ethena’s governance course of, the protocol’s represent states that “tokenholders are ready to delegate day after day possibility-making with admire to key ingredients of the ecosystem to refined, expert-level stakeholders—most of whom provide advisory and the same services and products to other initiatives and protocols within the alternate—whereas keeping transparency all around the technique.”