Ethena Pay Surges as Avalanche-Powered Financial App Enters Beta Testing

Ethena Pay, a self-custody financial application powered by Avalanche, has entered beta testing in 48 countries worldwide. The platform offers users annual percentage yields of up to 6% on USDe holdings and cashback rewards of up to 10% from participating merchants like Uber and Spotify.

The ENA governance token has appreciated approximately 68% during the last 30 days, currently trading around $0.16. In response to a governance proposal that would allocate 95% of net protocol revenue to ENA token buybacks, the token jumped over 10% and registered approximately $595 million in daily trading activity.

Notable exclusions from the initial launch include the United States, European Union, Canada, Taiwan, and South Korea. Ethena anticipates expanding to these jurisdictions during the beta phase, subject to obtaining necessary regulatory clearances.