Ethena’s governance token ENA surged as powerful as 20% to a brand new all-time high, from $1.10 to $1.35, on Monday morning following an announcement by Ethena Labs that ENA holders will most certainly be given the likelihood to construct more choices, doubtlessly main to a greater airdrop.

The upward thrust in value follows an airdrop last week that distributed 750 million tokens (5% of the entire present) to early adopters of the platform.

On the present time we introduce $ENA into Season 2 in instruct to more carefully align the development in USDe with $ENA

Users who lock $ENA at a minimal of fifty% of their total USDe holdings per pockets will receive

i) 50% amplify of their rewards
ii) the absolute top choice of rewards per day of any pool pic.twitter.com/zxVmpGZSN6

— Ethena Labs (@ethena_labs) April 8, 2024

Learn more: What Is Ethena’s USDe Synthetic Buck? A Newbie’s Recordsdata

Users who lock at the least 50% of their total USDe holdings in ENA can own the relieve of enhanced rewards. This involves a 50% amplify in rewards and the absolute top choice of rewards per day in comparison to every other pool. The program permits for a minimal seven-day lock interval for the ENA tokens, with locked ENA incomes rewards at 30 cases the favorite rate.

With this contemporary surge, Ethena’s market capitalization has doubled to $1.8 billion in every week, indicating increasing investor passion in the platform and its tokens.

Since Ethena’s originate in mid-February, it has been working a choices program, lately expanding its scope by incorporating bitcoin as a collateral possibility. This expansion marked the starting of the second season of its choices program, is legendary as the “Sats Marketing and marketing campaign,” which is scheduled to abolish on Sept. 2, or sooner if the entire value locked (TVL) in USDe—the platform’s stablecoin—reaches a procedure of $5 billion. For the time being, Ethena’s USDe TVL stands at $2.1 billion, having grown by 36% in the previous seven days.

Learn more about why americans own some concerns about USDe: As Ethena’s USDe Mercurial Reaches $2 Billion in Market Cap, Some Surprise If It’s as Dreadful as Terra’s UST

To participate in the rewards boost, customers want to lock a mighty portion of ENA relative to their USDe balance at some level of assorted platforms. For instance, a user with a $10,000 USDe balance must lock at the least $5,000 in ENA to qualify for the elevated rewards. Ethena has clarified that handiest circulating ENA got by the preliminary airdrop or bought on the initiate market is eligible for locking, as adversarial to crew and investor allocations tied to vesting schedules.