The Ethena Labs team introduced a restaking function for the governance token ENA and the "synthetic stablecoin" USDe through Symbiotic and LayerZero.
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
The solution is stated as "the first step in adding functional utility to ENA in the Ethena ecosystem."
At the time of writing, users can:
block tokens in the protocol for potential future rewards up to 30x;to place assets on the Pendle Finance platform at a fixed interest rate of ~75% per annum.It is assumed that the restaking pools will ensure the economic security of the Ethena network. The first one will be launched on Symbiotic on June 26. The initial use case for the option will be to provide USDe cross-chain transfers through the LayerZero DVN messaging system.
The reward for the assets placed in the pool will also be points for the Symbiotic incentive programs, the Mellow SocialFi platform and LayerZero (if they are distributed in favor of Ethena).
Ethena Labs also stated that from June 17, at least 50% of the ENA airdrop received during the first season should be blocked according to one of the three listed options.
"Failure to comply with this requirement will lead to the fact that all undisclosed user funds related to the corresponding wallet will be redistributed among others who have placed tokens," the developers warned.
The purpose of this step is stated to stimulate the long-term storage of ENA with the displacement of speculative capital.
Recall that the capitalization of Ethena Labs' USDe surpassed the $3 billion mark in just four months after launch — faster than all competitors.