BitMEX founder Arthur Hayes is predicting one new decentralized finance (DeFi) altcoin undertaking will take off on a large rally as soon as the broader crypto market resumes an uptrend.
Hayes is predicting that Ethena (ENA), a governance token launched by Ethena Labs for the undertaking’s DeFi protocol, might soar greater than 817% from the present worth.
Hayes is likely one of the buyers within the undertaking together with funding big Franklin Templeton, digital asset supervisor Galaxy Digital and Binance Labs.
“Congrats Ethena Labs on a profitable TGE (Token Technology Occasion). If that is what ENA is price [when] the market is puking, think about how excessive it can go as soon as we resume up solely! ENA = $10. It’s simply math yo.”
ENA is buying and selling for $1.09 at time of writing, up greater than 25% within the final 24 hours.
The Ethena Labs undertaking additionally consists of the yield-earning “artificial greenback” token USDe. The undertaking goals to create a steady and scalable type of cash within the crypto house with out counting on conventional banking techniques.
Various crypto exchanges have listed the token for buying and selling, together with the world’s high trade Binance. Forward of the itemizing, ENA grew to become Binance’s fiftieth undertaking added to its Launchpool platform, which lets customers stake cash to farm new belongings.
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