Layer 2’s MNT token surged 40% after itemizing on South Korean alternate Upbit.
Mantle, the Ethereum layer 2 community with the cryptocurrency’s largest liquid vault and practically $900 million in whole worth locked (TVL), has launched a rewards portal referred to as “Shards” to allow MNT holders to earn Ethena factors.
By locking MNT by way of the brand new reward station, customers can earn 2.5 billion Ethena shards from the Mantle Vault, which might be distributed subsequent month.
Ethena is the issuer of USDe, an artificial U.S. greenback token backed by Ethereum liquidity-collateralized tokens and hedged by way of quick futures positions on centralized exchanges. The scheme has gathered greater than $1.3 billion in TVL since its launch final month, regardless of considerations over the sustainability of its present 30% yield.
Listed on BitTorrent
Individually, the community’s native MNT token briefly surged over 50% earlier right this moment after being listed on South Korean cryptocurrency alternate Upbit. MNT is presently ranked thirty third on Coingecko with a market capitalization of $4.2 billion.
Ethena’s Factors System
In Ethena’s factors system, customers can earn so-called shards by offering liquidity for the protocol’s artificial U.S. greenback USDe on varied DeFi protocols resembling Curve, Pendle, and Gearbox. These shards might be transformed into Ethena’s ENA token allocation sooner or later and are in excessive demand from DeFi buyers, as evidenced by the lively exercise on the Whales Market, the factors market.
Esina proposed $14 million Final month, investments got here from well-known buyers, together with Dragonfly Capital and BitMEX founder Arthur Hayes.
