TL;DR
- Ethena Labs has introduced new staking and restaking capabilities for the ENA token, along with a forced vesting mechanism to promote long-term stability.
- ENA’s integration will include generalized staking to provide economic security in cross-chain transfers of USDe through LayerZero’s DVN system.
- Starting June 17, users must lock at least 50% of ENA tokens received in airdrops.
Ethena Labs has announced a series of updates for its ENA token, aimed at improving its functionality and aligning it more closely with the growth of the USDe stablecoin. These updates introduce new staking and restaking capabilities for ENA, along with a forced vesting mechanism designed to foster the stability and long-term value of the token within the ecosystem.
The protocol announced that the ENA token will be more deeply integrated through the introduction of generalized staking capabilities. This measure will allow users to lock their ENA and USDe tokens in various staking pools, providing economic security for cross-chain transfers of USDe. The process will be conducted through LayerZero’s DVN messaging system, ensuring that transfers are verified and secure. This infrastructure will be fundamental for the future Ethena chain and the financial applications that will be built on it.
Today marks an important step forward in more closely aligning the growth and use of $USDe with $ENA
The launch of a generalized staking capability for $ENA with @symbioticfi and @LayerZero_Labs is the first step in adding functional utility for $ENA within the Ethena ecosystem pic.twitter.com/TQEZTTV1uQ
— Ethena Labs (@ethena_labs) June 17, 2024
Additionally, Ethena Labs has implemented a forced vesting mechanism for ENA tokens received through airdrops, such as the Shard campaign. Starting June 17, users must lock at least 50% of claimable tokens in options such as Ethena locking, PT-ENA on Pendle Finance, or Symbiotic restaking.
Ethena Labs Needs Users to Commit to the Platform and Ecosystem
Failure to comply with this policy will result in the redistribution of unvested tokens to other users who meet the staking requirements, thus ensuring a realignment of ENA holders towards users more committed to the long-term growth of the ecosystem.
New staking options have also been introduced for ENA holders looking to generate passive income. Users can participate in PT-ENA pools on Pendle Finance, which offer a fixed annual percentage yield, or in generalized restaking pools, which are essential for the security of cross-chain transfers of USDe.
These updates are part of Ethena Labs’ strategy to integrate its token into its financial ecosystem. The company focuses on building financial applications and infrastructure solutions that use USDe as a gas token and central asset. The protocol aims to position ENA not only as a medium of exchange but also as a critical tool for transaction validation and security within the network.
