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Ethena Labs (ENA) is a decentralized blockchain protocol that is revolutionizing hedge fund practices through tokenization, and Tensor (TNSR) is a non-fungible token (NFT) marketplace on the Solana (SOL) ecosystem. Recently, TNSR and ENA, their native tokens, were buzzing in the crypto industry due to Binance, the largest crypto exchange in the world, listing them.
However, another project, ETFswap (ETFS), has been gaining traction in the crypto market, with many in the community speculating on a potential listing of its native token ETFS on Binance due to its ongoing landmark presale.
Ethena (ENA) Stirs Memories of Fallen Terra
Ethena Labs is a decentralized protocol centered on USDe stablecoin, a yield-bearing synthetic dollar, which provides yield through tokenized cash and carry. Since the introduction of the stablecoin in February, it has caused a lot of controversy in the crypto community over its eerily similarities to UST on the failed Terra ecosystem. Users who stake USDe for just a minimum of seven days earn an annual yield of about 37%, a significant factor that saw its TVL go from $178 million to over $2 billion in just two months.
While this high yield could promptly help holders maximize profits, it’s also associated with very high risks, as seen in the case of Terra UST, which offered close to 20% yield before crashing. However, Ethena Labs founder Guy Young has labelled the comparison of USDe and UST as weak.
ENA, its native token, currently trades at $1.28, an over 12.88% decrease in 24 hours, and ranks 52nd in the crypto market according to Coinmarketcap.
Tensor (TNSR) Rekindle Interest in NFTs
Tensor (TNSR), a Solana-based NFT marketplace, has been heating things among the NFT community, attracting increased interaction in the Solana ecosystem. Tensor (TNSR) is responsible for about 70% of the NFT transactions on Solana, processing over $2 billion in sales in three months.
However, these massive sales have not saved TNSR, its native token, from experiencing a sharp decrease in price value, dropping to $1.06, representing an over 25% decline in the past 24 hours, according to Coingecko. Also, its initial trading volume of $1.16 billion has since dwindled to $175 million.
The token’s negative price action, despite its recent listing on the Binance exchange, has sparked reactions and doubts about its long-term potential among the crypto community.
ETFSwap (ETFS) Raises $750,000 In Private Sale
ETFswap (ETFS) is a blockchain platform redefining DeFi by merging it with tradfi through tokenizing exchange-traded funds (ETFs). By tokenizing ETFs, the platform allows traders to infuse in several asset classes, like precious metals, with the potential to boost their portfolios. Traders can also benefit from leverage trading, with up to 10x leverage offered by the platform. Users can also amplify their portfolio with fractional ownership and easily swap their holdings with its seamless swapping services.
ETFswap (ETFS) has also taken measures to protect its ecosystem and users by agreeing to an expert audit of its smart contract. The audit was carried out by Cyberscope, a blockchain security firm that certified the platform as clean and its smart contract free from any underlying vulnerabilities.
The platform recently hosted a private sale of its native token ETFS in a private sale event where it raised $750,000 from three angel investors and two institutional investors in three days. This indicates increased interest in the long-term potential of the project and its ecosystem.
Currently, ETFswap is offering ETFS to crypto enthusiasts at a low price of $0.00854 at its stage 1 presale round. Over 17.04 million tokens have already been sold, and Stage 2 will soon kick off at a higher price of $0.01831, guaranteeing profit for all participants of Stage 1.
For more information about the ETFS Presale:
Disclaimer: This is a sponsored article, and views in it do not represent those of, nor should they be attributed to, ZyCrypto. Readers should conduct independent research before taking any actions related to the company, product, or project mentioned in this piece; nor can this article be regarded as investment advice. Please be aware that trading cryptocurrencies involve substantial risk as the volatility of the crypto market can lead to significant losses.
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