Daily top performer — Ethena (ENA)
The S&P 500 futures rose 0.7%, boosted by strong Meta and Microsoft earnings, after a slight dip following the Fed’s rate hold. Gold fell over 1.5% to below $3,280 as Powell pushed back on a September rate cut, with strong GDP data and rising yields adding pressure. The Coindesk Indices, which tracks the broader crypto market, fell 0.08%, with Bitcoin down 0.48% and Ether up 0.26%, in the past 24 hours. Today’s top performer is ENA, up 8.3% following DeFi Saver’s launch of one-click access to Ethena’s Liquid Leverage and reward program.
Ethena (ENA), founded in July 2023, is a DeFi protocol offering USDe, a synthetic dollar backed by staked ETH and delta hedging. It avoids traditional banking and quickly became the top-earning DeFi protocol, with over $2B in supply and high yields. DeFi Saver has integrated Ethena’s Liquid Leverage, allowing users to set up leveraged USDe positions in a single transaction. To earn rewards, users must supply a 50/50 split of sUSDe and USDe, borrow stablecoins, and loop at least once. Rewards start now, with Merkl handling distribution in about a week.