DeFi

USDe

Ethena

Frax

Singularity

<ul>
 <li>The total value locked (TVL) in Ethena has risen to $2.24 billion.</li>
 <li>ENA attained its new high of $1.40 within the last 4-hour window.</li>
 <li>As part of “Season 2,” Ethena Labs ramps up ENA rewards by 50% for token locking.</li>
</ul>
DeFi protocol Ethena Labs, the creator of yield-earning stablecoin USDe, has displayed commendable surges on the charts ever since the ENA token <a href="https://thenewscrypto.com/ethena-labs-governance-token-ena-surges-21-amid-airdrop-frenzy/" target="_blank" rel="noopener noreferrer nofollow">launch</a>. The protocol’s token jumped 103% and the overall TVL rose 45%.
In the last 24 hours, following the Ethena Labs’ announcement of a 50% reward increase for token locking in its “season 2”, ENA spiked 18% to hit $1.4, while the TVL surged 8.5% to reach $2.244 billion.
In the campaign, the protocol is set to increase the rewards by 50% for users who lock a minimum of 50% in ENA compared to their USDe balance. As per the official <a href="https://mirror.xyz/0xF99d0E4E3435cc9C9868D1C6274DfaB3e2721341/P9PXNkAAxV7z6MJXjxq73xrRgUdp36_VR7ZBbgaL4yI" target="_blank" rel="noopener noreferrer nofollow">blog</a>, “team and investors allocations” that are subject to a locked vesting schedule are not eligible for this boost. Besides this, on Monday, in its Singularity Roadmap, DeFi lender Frax Finance unveiled the allocation of $250 million worth USDe to USDe POL, one of the “deepest liquidity” <a href="https://thenewscrypto.com/tag/defi/" target="_blank" rel="noopener noreferrer nofollow">DeFi</a> pools.
<div class="wp-block-image">
 <figure class="aligncenter size-full"><img decoding="async" width="683" height="317" src="https://thenewscrypto.com/wp-content/uploads/2024/04/ENA-chart.png" alt="" class="wp-image-95728" srcset="https://thenewscrypto.com/wp-content/uploads/2024/04/ENA-chart.png 683w, https://thenewscrypto.com/wp-content/uploads/2024/04/ENA-chart-300x139.png 300w" sizes="(max-width: 683px) 100vw, 683px">
 <figcaption class="wp-element-caption">Ethena (ENA) — TVL &amp; Token Price (Source: <a href="https://defillama.com/protocol/ethena?tokenPrice=true&amp;tokenVolume=false&amp;tvl=true" target="_blank" rel="noopener noreferrer nofollow">DefiLlama</a>)
 </figcaption>
 </figure>
</div>
Post the announcement, the protocol’s native token noted an increase of over 13% over the last 24 hours. At the time of writing, ENA was priced at $1.26 with a market cap of $1.8 billion. The alt’s daily trading volume recorded a 94.8% surge, hitting $1.57 billion. As per the ENA/USDT price chart, ENA <a href="https://in.tradingview.com/symbols/ENAUSDT/?exchange=BINANCE" target="_blank" rel="noopener noreferrer nofollow">marked</a> $1.40 as its new all-time high (ATH) on the crypto exchange Binance.

Ethena TVL Hits $2.24B, ENA Spikes to New High

TheNewsCrypto

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