Governance token of decentralized finance protocol Ethena surged on Tuesday to its strongest since late January as the protocol has made a big step towards activate a fee switch that would share protocol revenues to token holders.
The token hit 87 cents in the early hours, advancing 8.3% over the past 24 hours, CoinDesk data shows. It’s up over 20% in a week.
The latest surge occurred as Binance, the largest crypto exchange by volume, said on early Tuesday it will introduce trading with USDe, Ethena’s $13 billion yield-generating token, on its platform starting Wednesday.
Listing the token on top exchanges is a key requirement for Ethena to enable the fee switch mechanism, sharing protocol profits with ENA token holders. The protocol made $54 million in revenues last month and over $480 million since its launch in late 2023, Token Terminal data shows.
“With the Binance USDE listing ENA fee switch is going to get turned on….
