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Ethena (ENA)

Past
Total Raise: $20,500,000
Date: 20 Jul - 09 Apr

Ethena is a derivative infrastructure provider designed to revolutionize Ethereum into the first crypto-native yield. It utilizes complex hedging techniques to bolster the liquidity of its stablecoin without reliance on the banking system.

The company’s ambition towards independence from the banking financial system has stirred up a lot of speculative rumors about the project among the investors and crypto community. In turn, the project concept and its initial idea got strong support from Arthur Hayes in his essay series called “Dust on Crust”.

Over the past year, Ethena Labs hosted several funding rounds, raising over $20.5M from tier 1 funds, such as Binance Labs, Dragonfly and others.

❗️ ❗️ ❗ IMPORTANT:

Please note that all information, including our ratings and reviews, is presented purely for educational purposes. CoinLaunch isn't a financial advisor and doesn't intend for the information to be perceived as investment advice or recommendations. Our project evaluation methodology encompasses 89+ distinct variables/metrics, refined over time through the team's rich 7-year experience.

Ethena Overview

Ticker: ENA
Country: Portugal
Industry: Stablecoin
Founded: 2023
Whitelist: No
Blockchain Network: Ethereum, Injective
KYC: Yes
Bounty: Yes
MVP: Yes
Type: Equity
Security Audit: Yes

Ethena Review

Ethena Labs is a web3 company that focuses on building the world's first fully on-chain-backed USDe stablecoin, and the crypto-native, yield-bearing “Internet Bond” on Ethereum.

USDe coin: The Ethena stablecoin, from its design, is completely censorship-resistant and independent from traditional finance markets. Instead, it draws stability from both Ethereum staking rewards and delta hedging derivatives positions (shorts) of the same assets.

The collateral for its delta hedging comes from Ethena yield users who are contributing their Ethereum LSTs to the platform. In exchange, the protocol shares rewards acquired from hedging and Ethereum staking with users, rewarding them with a flexible APY rate and granting them USDe crypto stablecoins, equivalent to the amount of LST users contributed.

These stablecoins can be used as collateral or native assets in DeFi applications or locked on the Ethena finance to earn even more rewards and receive the sUSDe (Staked USDe), which can also be used in DeFi applications but with a lower APR rate.

Token utility: Recently, Ethena released a crucial event for the platform’s future decentralization - the launch of its native $ENA token. The primary role of the native Ethena token is granting access to governance votings regarding the protocol, including risk management frameworks, DEX integrations, USDe backing exposure, and more.

It has already confirmed the first phase of the Ethena airdrop, allocating 750M $ENA or 5% of the total supply for the first phase. 

The special  requirements and terms regarding the $ENA airdrop you can find on the official blog post or on CoinLaunch $ENA airdrop review. 

In light of this information, the CoinLaunch team has conducted a comprehensive analysis of Ethena Finance and pros and cons that you should consider before investing in the $ENA token or participating in $ENA airdrop:

 

Ethena Pros:

  • Outstanding concept and design
  • Highly-demanding product.
  • Competent vesting schedule
  • Support from Tier 1 funds.
  • Wide network of Tier 1 partners 
  • Strong PR and growth marketing performance
  • Powerful influencer marketing performance
  • Multiple Security Audits and Bug Bounty from top-tier companies.
  • Relatively low Initial Market Cap / Fully Diluted Valuation (FDV) ratio (9.5%).
  • Experienced C-level team.

Ethena Cons:

  • Due to its complexity, the protocol has significant risks related to its delta hedging technique.
  • Weak marketing infrastructure.
  • Reputational burden caused by Terra/Luna rekt. 

Ethena Token Economy

Total Raise: $20,500,000
Total Supply: 15,000,000,000
Private/Pre-sale: 3,750,000 (0.03%)
Public Sale: (0%)
Fully Diluted Valuation (FDV): $10,500,000,000
Initial Circulation Supply: $997,500,000 (9.5% of FDV)

Ethena Token Sale (ICO & IDO) Rounds

IEO: 30 Mar - 02 Apr

Price: N/A
Tokens for sale: 300,000,000
Raise: N/A
Lock-Up: No lock-up
IEO: 02 Apr - 09 Apr

Price: N/A
Tokens for sale: 15,000,000
Raise: N/A
Lock-Up: No lock-up
Seed: 19 Jul - 20 Jul

Price: N/A
Tokens for sale: N/A
Raise: $6,500,000
Lock-Up:  1 year 25% cliff, with 3 year linear monthly vesting ...
Private: 15 Feb - 16 Feb

Price: N/A
Tokens for sale: N/A
Raise: N/A
Lock-Up:  1 year 25% cliff, with 3 year linear monthly vesting ...
Strategic: 16 Feb - 17 Feb

Price: N/A
Tokens for sale: N/A
Raise: $14,000,000
Lock-Up:  1 year 25% cliff, with 3 year linear monthly vesting ...

Ethena Token Release Schedule

Ethena Schedule

Ethena Funds and Backers
(3/15)

Submit
Dragonfly Capital Logo
Dragonfly Capital
Score: Very High
9 numbers of
investment
Read More
GSR logo
GSR
Score:
6 numbers of
investment
Read More
binance labs logo
Binance Labs
Score: Very High
5 numbers of
investment
Read More
View All

Ethena Influencers
(3/12)

Submit
DoubleTop
Score: High
10 numbers of
investment
Read More
Top 7 ICO logo
TOP 7 ICO
Score: Medium
8 numbers of
investment
Read More
CryptoDiffer Logo
CryptoDiffer
Score: High
7 numbers of
investment
Read More
View All

Ethena Marketing Activity

Search Engine Optimization
Social Media & Community Management
PR & Traffic
Marketing Infrastructure
Influencer Marketing
Growth Marketing
Last Update:  28 Mar 2024 Upgrade

Ethena News

Ethena Roadmap

19 FEB 2024

Mainnet Launch

2 APR 2024

TGE & Airdrop Phase 1 

Ethena Airdrop & Retrodrop & Bounty

Airdrop Phase 1
Ethena logo
funds
Start Date:
19 Feb 2024
End Date:
02 Apr 2024
Difficulty:
Medium
Winners:
100,000
Rewards:
$5,250

Description

Ethena is a derivatives infrastructure provider that focuses on establishing the first crypto-native internet yield and censorship-resistant form of money - USDe stablecoin.

The protocol is powered by its native $ENA token, which grants users access to DAO votings on the platform regarding the protocol’s future development directions.

Lately, Ethena held a few shard farming campaigns on the platform, and on March 28, 2024, announced the first phase of its airdrop campaign, rewarding all participants of the recent shard farming campaign.

Read More
Airdrop Phase 2
Ethena logo
funds
Start Date:
01 Apr 2024
End Date:
02 Sep 2024
Difficulty:
Medium
Winners:
N/A
Rewards:
$2,000

Description

Ethena is a derivatives infrastructure provider, pioneering the world’s first fully on-chain, censorship-resistant form of money - USDe stablecoin, backed by a crypto-native yield. It employs complex delta hedging on derivatives and rewards from staking Ethereum to generate APR for its yield and stabilize its stablecoin.

On March 27, 2024, Ethena announced the launch of its native $ENA token, which will power the platform's DAO layer and subsequently launched retrodrop for early adopters, allocating over 5% of total supply. 

Now, on April 1st, Ethena Yield announced the second phase of its airdrop campaign but has not disclosed rewards for the second campaign yet.

Read More

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