Ethena's native token ENA has experienced a staggering 96.57% increase in price in the last seven days, outperforming other altcoins. Ethena aims to provide a crypto solution as an alternative to traditional banking infrastructure and offers a high Annual Percentage Yield (APY) on USDe savings.
, the native token of the dollar-denominated saving protocol, began its introduction into the market, on the offensive path. In the last seven days, the price of ENA has increased by a mind-altering 96.57%.
This happened at a time when many other altcoins corrected until the 8th of April. But there were reasons why ENA, despite being relatively new, was atop the performance table. First off, let’s look at the fundamentals. Ethena prides itself as a crypto solution for those who want an alternative to the traditional banking infrastructure.With this, Ethena created Ethena USDe , a DeFi-based stablecoin. One thing AMBCrypto observed was that Ethena’s objectives were similar to TerraLuna before the 2022 crash.also had a place there, with collateral worth $809.10 million. These measures were necessary considering that Ethena offers an incredible 37.
Meanwhile, USDe might also have a say in ENA’s price action. This was because of the way the adoption of the stablecoin has been rising.was about $1.55 billion on the 4th of April. But at press time, the metric had increased to $2.13 billion.A surge like this, combined with a total holder count of 11,257 could put other DeFi stablecoins like DAI under pressure. Should the momentum continue this way, ENA might maintain its performance when the forthcoming altcoin season begins.
He, however, admitted that the project is an interesting and ambitious one, wishing them success in the process. For the time being, it seemed participants were unconcerned about that.If things stand this way going forward, ENA’s price might be one to watch out for. In a case where the project stays to its promise, an unprecedented rally could take it to amazing heights.Victor Olanrewaju is a full-time journalist at AMBCrypto.
Ethena ENA Altcoin Crypto Traditional Banking Infrastructure Annual Percentage Yield APY Usde Savings
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