Etena announces integration with flexible wallets
Artificial stable coin protocol Athena Labs has been integrated with centralized exchange wallets Binance, Bybit, OKX and Bitget since April 10th.
“Users who lock their Web3 wallets by exchanging USDe for at least 7 days are eligible for 20% rewards starting today,” said Etena developers. Incentives in the form of “Ethena sats” can be converted to the ENA token of their home country at the end of each campaign. To obtain Sat, users must first deposit Ethena USDe stablecoins into their wallet, connect to Ethena's Decentralized Finance (DeFi) protocol, and stake their holdings. At the time of the protocol's publication, the total value was locked at $2.274 billion, representing an annual revenue of $178 million.
The protocol's ecological rewards have attracted considerable attention and use. According to blockchain analytics firm Lookonchain, since the launch of Etena Staking Season 2, 10 major wallets have spent a total of 37.5 million EN ($51 million) in shares.
In the year On March 8, less than a month after launching the USDe stablecoin, Athena became the top-grossing decentralized application in crypto when it delivered a 67% annual percentage yield (APY) on USDe. The protocol currently has a 24% API on the stable coin. However, the product is not free of risks as it depends on complex Ethereum derivatives trading income to pay the promised returns.
Amid concerns about its high productivity, Athena Labs founder Guy Young told Cointelegraph in an interview on February 22 that comparisons with the successful Terra stablecoin, TerraUSD (UST), were only “force reactions” and that the company's production was organic and sustainable. “The biggest part of what we're trying to get through is that the Encore product is fully developed,” Young said. “It was only the venture capital companies that were spending money. [USTC yield protocol] Anchoring and then paying for the product from anywhere.
Meanwhile, publicly verifiable Athena products, Ethereum consensus layer inflation rewards, execution fees are derived from payments to Ether (ETH) stakeholders, high-value gains achieved by Ether starters, and trades provided by Athena Labs. Specifically, when the firm accepts long position assets to make USDe, it opens short derivative positions. The spread or price difference between the two positions is paid to USDe holders as a yield.
Related: Frax Finance dives into DeFi liquidity with $250M USDe allocation
