Ethena Labs has partnered with Frax Finance to create a USDeFRAX liquidity pool and expand yield offerings.

The price of ENA, the native cryptocurrency of the Ethena platform, has increased by 20% in the past day, reaching $1.40. This surge has led ENA to become a $2 billion asset class in just one week. Additionally, the daily trading volume of ENA has increased by 66% to $1.4 billion.

Ethena Labs has announced a 50% increase in rewards for users who participate in the "season 2" program. Users who lock in at least 50% of their ENA tokens relative to their USDe balance will be eligible for the increased reward boost.

The ENA lock cap is currently set at $200 million, with potential adjustments in the future. However, tokens allocated to the team and investors are not eligible for the ENA lock. Ethena Labs has hedged $500 million in Bitcoin across multiple exchanges in preparation for Bitcoin halving.

Approval has been given for the establishment of a USDeFRAX liquidity pool in collaboration with Frax Finance, as well as for the Singularity Roadmap proposal. These developments aim to expand the yield offerings of the FRAX stablecoin and institute a USDeFRAX Pool on Curve with a cap of $250 million.

The price of ENA continues to rise, surpassing the $1.20 resistance level. This bullish trend may lead to reaching a market cap of $2 billion, a 371% increase from the initial price of $0.29. Based on Fibonacci levels, the price could potentially reach $1.76, with further targets of $2.67 in a broader market recovery. The RSI line entering the overbought territory indicates strong momentum in the upward trend.