Futures for prelaunch linked to a decentralized finance systemFriday saw a sharp increase in Ethena’s upcoming governance token, ENA, suggesting a market capitalization of more than $500 million by launch.A 22.29% rise over the course of a day was realized by the ENA/USD pre-debut futures, which are offered on the decentralized exchange Aevo, and traded at 73 cents during Asian trading hours.
On April 2, holders of the $1.3 billion USDe token would receive an airdrop of 750 million ENA, or 5% of the entire supply, from Ethena.Prior to April 1st, traders who unlock, unstake, or sell their USDe will not be qualified for the airdrop.Based on the specified amount of airdrops and the anticipated going market price from prelaunch futures, the token’s market capitalization might start at $547.5 million at launch.The going market price multiplied by the circulating supply yields the market cap.In the meantime, the fully diluted market value (FDV) of ENA may exceed $10 billion.To determine market value, the FDV employs total supply.
The announcement by Binance of a launchpool for users to bet their BNB and FDUSD farm ENA tokens is probably what caused the double-digit spike in the ENA prelaunch futures.Users frequently use the Binance launch pool, also known as a centralized yield farming service, to invest in early-stage companies.
“The @ethena_labs prelaunch market on Aevo is up 20% on the back of their Binance Launchpool announcement,” Aevo said on X.
Beginning on March 30 at 0:00 UTC, ENA farming will be available in the Binance launchpool for a period of three days.On April 2, the top cryptocurrency exchange will list ENA and enable trading in pairs such as ENA/TRY, ENA/BTC, ENA/USDt, ENA/BNB, and ENA/FDUSD.
Comparable to the “I owe you” or IOU futures that many exchanges provide are Aevo’s pre-listing perpetual futures. Pre-listing perpetuals use the token’s spot price as a reference once it goes online and maintain perpetuals in line with it by collecting funding rates from traders.