Athena Labs, a synthetic dollar developer, has partnered with major exchange centralized wallets to offer users a 20% USDe stablecoin lock reward increase for 7 days, converting rewards into ENA tokens.
Recently, Athena Labs, a company specializing in the development of synthetic dollars, made an announcement about its integration with major centralized exchange wallets such as Binance, Bybit, OKX and Bitget. The purpose of this integration is to make it easier for users to participate in Athena’s rewards program and increase the popularity of the platform among members of the decentralized finance (DeFi) community.
Athena Labs provides a twenty percent reward increase to customers who lock their USDe stablecoins for a period of seven days or more using Web3 exchange wallets. This is done as an incentive for users. At the end of each campaign, these incentives, which are called “Ethena sats”, have the potential to be converted into the system’s native ENA token. By integrating well-known exchange wallets, Athena Labs intends to simplify the process through which users can participate in the rewards program and receive additional benefits.
Currently, the Athena DeFi protocol has a Total Value Locked (TVL) of $2.274 billion, resulting in an annual revenue of $178 million. Since the start of Athena Staking Season 2, the incentives offered by the protocol ecosystem have gathered a lot of interest and applications. Lookingonchain, a company specializing in blockchain analytics, reports that the top 10 wallets have staked 37.5 million ENA, which is equivalent to 51 million USD.
Shortly after its inception, Athena’s USDe stablecoin quickly became the fifth largest stablecoin on the market. This is a testament to the rapid growth of the stablecoin USDe. In the beginning, the system provided a high annual percentage rate of return (APY) of 67%; but currently offers an APY of 24% on stablecoins. However, concerns were raised about the mechanism’s potential to continue functioning in the long term. Guy Young, the inventor of Athena, addressed these issues by highlighting the fact that the protocol’s yields are organic and sustainable. These profits are derived from a variety of sources, including Ethereum incentives, execution fees, and trading profits.
The popularity and use of Athena in the DeFi community is expected to grow even more as a result of its integration with large centralized exchange wallets. Athena Labs’ goal is to increase the total value locked in the protocol by increasing the number of users who participate in the rewards program by facilitating the process of participating in the program.
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