ENA, the native token of Ethena Labs, one of Binance's Launhpool projects, announced the “Season 2 Stake Program”, which includes a 50% increase in rewards for some of the users.
In a blog post, Ethena Labs stated that the second season has started for users to stake ENA and announced that users will be able to lock ENA in Ethena for a minimum of 7 days of locking period starting from April 8.
“Starting April 8, users will be able to lock ENA in Ethena for a minimum lock-in period of 7 days.
The user must lock a minimum ENA position of $5,000 to be eligible for rewards. A UI update will be provided on April 9 so users can track this for their own wallets.
Users who lock 50% or more of their ENA based on their USDe balance will receive a 50% reward increase.
Team and investor allocations locked into vesting programs will not be able to participate in the ENA staking program.”
While the price of ENA started to rise after this announcement, ENA increased by approximately 20% in the last two hours.
According to Lookonchain's post, whales also took action after the ENA announcement. Accordingly, the three wallets withdrew a total of 11.9 million ENA ($15.23 million) from Binance to stake ENA.
Whales are withdrawing $ENA from exchanges and staking it due to the #Ethena Season 2 staking rewards.
3 whales withdrew 11.9M $ENA($15.23M) from #Binance and staked it.https://t.co/3UrErMJ2R3https://t.co/8ZPz0U8U8Fhttps://t.co/AAwOJLz8qk pic.twitter.com/NbMdbF5xdO
— Lookonchain (@lookonchain) April 8, 2024
*This is not investment advice.
