Bithumb, a prominent South Korean crypto exchange, has officially added Ethena (ENA) to its KRW market.
Bithumb, a prominent South Korean crypto exchange, has officially added Ethena (ENA) to its KRW market. Trading for the token commenced at 9 a.m. UTC on Feb. 25, 2025, with the initial price set at 536 won ($0.37). Since the launch, ENA has witnessed a trading volume increase of over 100%, despite experiencing a price decline exceeding 6% in the last 24 hours.
Deposits and withdrawals for ENA are exclusively supported through the Ethereum network, with no alternative options available. Shortly after the announcement, users could deposit and withdraw the token within three hours. At the time of trading initiation, 33 deposit confirmations were recorded.
As part of the launch, Bithumb is hosting an airdrop event, offering additional ENA tokens to users who trade the token for two consecutive days.
To maintain fair trading practices, Bithumb has enacted specific restrictions, including a prohibition on buy orders for the first five minutes of trading. During this period, sell orders were limited to a price range of no more than 10% below or 100% above the base price.
Ethena operates as a synthetic dollar protocol on the Ethereum blockchain, providing a synthetic asset known as USDe. Users can create USDe by offering collateral, and the protocol manages these assets to ensure stable value while enabling staking rewards and funding fees from short selling.
Recently, Ethena raised $100 million through a private sale of its governance tokens, which will be utilized to develop its institutional product, iUSDe, and to expand its ecosystem.
The platform has been recognized for significant growth, reporting a 183% increase in fees generated over the past 90 days, amounting to $128 million.
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