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Home»ALTCOIN NEWS»Binance Launchpool Announces Plans to Launch Trading Support for New Ethereum-Based Synthetic Dollar Protocol
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Binance Launchpool Announces Plans to Launch Trading Support for New Ethereum-Based Synthetic Dollar Protocol

By Crypto FlexsMarch 31, 20242 Mins Read
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Binance Launchpool Announces Plans to Launch Trading Support for New Ethereum-Based Synthetic Dollar Protocol
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Binance, a leading global cryptocurrency exchange, announced plans to support new Ethereum (ETH)-based altcoins through its Launchpool platform.

Binance Launchpool, which allows users to produce new assets by staking coins, announced that its 50th project will be Ethena (ENA), a synthetic dollar protocol.

Ethena aims to provide a cryptocurrency-based solution that does not rely on traditional banking system infrastructure through a synthetic dollar called USDe. The protocol also provides dollar-denominated savings vehicles called “Internet Bonds.”

Explain the project white paper,

“The ‘Internet Bond’ will combine yields derived from staked Ethereum with fund and base spreads from perpetual and futures markets to create the first on-chain cryptocurrency-based ‘bond’ that can function as dollar-denominated savings. . This tool is intended for users in permitted jurisdictions.”

From March 30 to April 2, Binance users can produce ENA by staking BNB and the stablecoin First Digital USD (FDUSD) in separate pools. The exchange plans to list the asset on April 2.

Binance plans to attach a seed tag to ENA, which applies to low-liquid projects that may exhibit higher volatility compared to other listed tokens. Binance requires users who own assets with seed tags to pass a quiz every 90 days to ensure they are aware of the risks before trading the tokens.

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Disclaimer: Opinions expressed on The Daily Hodl do not constitute investment advice. Investors should do their due diligence before making high-risk investments in Bitcoin, cryptocurrencies, or digital assets. Please note that your transfers and transactions are entirely at your own risk and that you are responsible for any losses that may occur. The Daily Hodl does not recommend the purchase or sale of any cryptocurrency or digital asset, and The Daily Hodl is not investment advice. The Daily Hodl engages in affiliate marketing.

Image created by: Midjourney

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