Markets
What to know: 🤔
- So, Ethena’s ENA token decided to have a little party and hit a 7-month high, all because Binance said, “Hey, let’s list your $13 billion USDe token.” 🎉
- Apparently, this Binance listing is like flipping a switch that unlocks “$500 million of buybacks,” according to Arthur Hayes. Big deal, Arthur. 🙄
- Oh, and Ethena’s also riding the DeFi yield wave, the digital asset treasury hype, and the stablecoin craze. Because why not? 🌊
So, the governance token of this decentralized finance thingamajig called Ethena went bonkers on Tuesday, hitting its highest since January. Why? Because they’re about to flip this “fee switch” and shower token holders with protocol revenues. Big whoop. 💸
The token hit 87 cents, up 8.3% in 24 hours. Who’s counting? Oh, and it’s up 20% in a week. Yawn. 😴
Binance, the crypto giant, decided to list Ethena’s $13 billion USDe token starting Wednesday. Because, you know, they had nothing better to do. 🤷♂️
This listing is apparently crucial for Ethena to flip the fee switch and share profits with ENA holders. They made $54 million last month. Impressive. Or is it? 🤔
“With the Binance USDE listing, the ENA fee switch is gonna flip. Unlocks $500m of buybacks,” said Arthur Hayes. Thanks, Arthur. We couldn’t have figured that out without you. 🙄
Ethena’s Little Wins 🏆
Besides the Binance thing, Ethena’s been on a roll. Or so they say.
Their USDe token grew from $5.5 billion to nearly $13 billion because crypto investors are yield-hungry. USDe, the “synthetic dollar,” uses Bitcoin, Ether, and Solana as backing assets, paired with short perpetual futures. Sounds complicated. Is it supposed to? 🤯
This strategy generates revenue when perpetual funding rates are positive and gives investors a 6.5% annualized yield. Better than traditional stuff, they say. Who’s keeping track? 🤷♀️
Ethena’s also jumping on the digital asset treasury bandwagon. StablecoinX and TLGY raised $530 million to hoard ENA tokens. Because why not join the Nasdaq party? 🎈
And let’s not forget, they’re launching a stablecoin for MegaETH and might compete for Hyperliquid’s upcoming stablecoin. Because the world needs more stablecoins. 🙄
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2025-09-09 13:39