Binance Launchpool Announces Plans To Roll Out Trading Support for New Ethereum-Based Synthetic Dollar Protocol

Binance Launchpool Announces Plans To Roll Out Trading Support for New Ethereum-Based Synthetic Dollar Protocol

Top global crypto exchange Binance has announced plans to support a new Ethereum (ETH)-based altcoin via its Launchpool platform.

Binance Launchpool, which lets users stake coins to farm new assets, says its 50th project will be Ethena (ENA), a synthetic dollar protocol.

Ethena aims to provide a crypto-native solution for money not reliant on traditional banking system infrastructure via a synthetic dollar called USDe. The protocol also offers a dollar-denominated savings instrument called “the Internet Bond.”

Explains the project’s whitepaper,

“The ‘Internet Bond’ will combine yield derived from staked Ethereum as well as the funding and basis spread from perpetual and futures’ markets, to create the first on-chain crypto-native ‘bond’ that can function as a dollar-denominated savings instrument for users in permitted jurisdictions.”

Between March 30th and April 2nd, Binance users can stake BNB as well as the stablecoin First Digital USD (FDUSD) into separate pools to farm ENA. The exchange then plans to list the asset on April 2nd.

Binance will attach a seed tag to ENA, which the exchange applies to lower-liquidity projects that may exhibit higher volatility compared to other listed tokens. Binance requires users who own assets with seed tags to pass quizzes every 90 days to ensure they’re aware of the risks before trading the tokens.

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