Introduction

The surge in price suggests a potential debut for the token with a market cap exceeding $500 million.

Leading up to the launch of Ethena's ENA governance token, futures linked to its prelaunch surged significantly, indicating a market capitalization of over $500 million upon release. The ENA/USD pre-debut futures on Aevo's decentralized exchange saw a 22.29% increase, trading at 73 cents during the Asian trading session.

Ethena, known for the $1.3 billion USDe token, plans to airdrop 750 million ENA tokens, equivalent to 5% of the total supply, to USDe holders on April 2. Those who unlock, unstake, or trade their USDe before April 1 will not qualify for the airdrop, emphasizing the anticipation surrounding the token launch.

Based on the airdrop quantity and the current market price from prelaunch futures, ENA's debut market cap is anticipated to be around $547.5 million, with a fully diluted market value exceeding $10 billion. The surge in ENA futures could be attributed to Binance's introduction of a launch pool for users to stake BNB and FDUSD tokens to farm ENA, potentially boosting interest and participation in the new project.

Aevo highlighted the prelaunch market's 20% increase following the announcement of the Binance Launchpool partnership, showcasing positive market sentiment towards ENA's upcoming launch. Binance's ENA farming on the launch pool will commence on March 30 and run for three days, with the token officially listed on April 2 for trading in various pairs.

Conclusion

Aevo's pre-listing perpetual futures concept is comparable to IOU futures, acting as placeholders for the token's price until its official release. These futures track spot prices, ensuring alignment with market realities and collecting funding rates from traders to maintain synchronization between perpetuals and the live spot price.