Ethena Pay's Avalanche-Based Payment App Launch Drives 68% Token Surge
Ethena Pay, an Avalanche-based payment app, has entered beta testing in 48 countries worldwide. The application enables users to earn up to 6% annual percentage yields on USDe holdings and receive cashback rewards of up to 10% from participating merchants like Uber and Spotify.
The ENA governance token has surged approximately 68% over the last 30 days, currently trading around $0.16. A governance proposal from the Ethena Foundation suggests allocating 95% of net protocol revenue to ENA token buybacks after USDe's supply crosses $7.5 billion.
The beta version of Ethena Pay features a self-custody financial application operating on the Avalanche blockchain, IBAN banking integration for seamless fund transfers, and a tiered membership structure governing yield generation.