Ethena Pay's Avalanche Launch Sends ENA Token Price Soaring

Ethena Pay, a self-custodial money app built on Avalanche, has launched in beta across 48 countries. The app offers up to 6% APY on USDe balances and up to 10% cashback at select brands including Uber and Spotify.

ENA, Ethena's governance token, has gained around 68% over the past month and is trading near $0.16. The Ethena Foundation proposed using 95% of net revenue for ENA buybacks once USDe supply hits $7.5 billion.