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Ethena (ENA) Labs Integrates with Major Exchanges for Reward Program

Recently, Ethena Labs, a company that specialises in the development of synthetic dollars, made an announcement on its integration with major centralised exchange wallets such as Binance, Bybit, OKX, and Bitget. The purpose of this integration is to make it easier for users to participate in Ethena’s rewards programme and to increase the platform’s popularity among members of the decentralised finance (DeFi) community.

Ethena Labs is providing a reward increase of twenty percent to customers that lock their USDe stablecoins for a period of seven days or more using exchange Web3 wallets. This is done as an incentive for users. At the conclusion of each campaign, these incentives, which are referred to as “Ethena sats,” have the potential to be turned into the native ENA token of the system. Through the integration of well-known exchange wallets, Ethena Labs intends to simplify the process by which users may take part in the rewards programme and gain extra advantages.

In the present moment, the Ethena DeFi protocol has a total value locked (TVL) of $2.274 billion, which results in an annualised income of $178 million. Since the start of Ethena Staking Season 2, the incentives that are offered by the protocol’s ecosystem have garnered a large amount of interest and applications. Lookingonchain, a company that specialises in blockchain analytics, reports that the top 10 wallets have staked 37.5 million ENA, which is equivalent to 51 million United States dollars.

Shortly after its inception, Ethena’s USDe stablecoin has swiftly become the fifth-largest stablecoin in the market. This is a testament to the rapid growth of the USDe stablecoin. In the beginning, the system provided a high annual percentage yield (APY) of 67%; however, at the present time, it offers an APY of 24% on stablecoins. Concerns have been expressed, however, about the mechanism’s potential to continue operating in the long term. Guy Young, the inventor of Ethena, has addressed these issues by underlining the fact that the yields of the protocol are organic and sustainable. These yields are obtained from a variety of sources, including Ethereum incentives, execution fees, and trading profits.

Ethena’s popularity and use within the DeFi community are anticipated to increase even more as a result of its integration with big centralised exchange wallets. Ethena Labs’s goal is to raise the total value locked in the protocol by increasing the number of users who participate in the rewards programme by making the process of participating in the programme easier.

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McLaren Racing Signs a Multi-year Partnership with Crypto Exchange OKX

McLaren Racing, a British motor racing team, has inked a multi-year deal with crypto exchange OKX (formerly OKEx) as the primary partner of McLaren Shadow esports Team and McLaren Formula 1 (F1) Team from this year.

Starting at the 2022 Miami Grand Prix, OKX branding will be incorporated into McLaren MCL36 F1 cars, McLaren Shadow Team Kit, and McLaren F1 Team Kit.

Moreover, the OKX brand will be placed on the helmets of leading McLaren F1 drivers Lando Norris and Daniel Ricciardo.

Zak Brown, the CEO of McLaren Racing, pointed out:

“The first-ever Miami Grand Prix is the perfect occasion for us to launch this significant partnership, through which we will collaborate with OKX to take our fan experience to all new levels.”

Therefore, the strategic partnership will enable OKX to support McLaren’s global fan experience, enabling enthusiasts to enjoy product innovations and exciting opportunities.

Brown welcomed this collaboration and stated:

“We are thrilled to announce this primary partnership with OKX ahead of the Miami GP. In a rapidly evolving field, OKX is a long-established crypto brand that brings innovation, analytics and accuracy to accomplish great things.”

To render more innovation on the OKX platform, Haider Rafique sees the partnership as a stepping stone towards heightened trade execution speeds because this requires ‘pit-like’ team collaboration and instincts.

The chief marketing officer at OKX added:

“The McLaren brand stands for everything that is great about F1. Speed, reliability, and performance are at the core of any top-class crypto trading platform.”

McLaren has been flexing its muscles in the crypto space because it recently entered the metaverse to showcase its luxury hypercars and supercars in NFTs or other digital artworks.

With 80% of racing teams in the 2022 F1 grid featuring at least one crypto sponsor, Mercedes team principal Toto Wolff recently opined that cryptocurrencies are part of modern technology that cannot be ignored.

OKX Signs Formula 1 Driver Daniel Ricciardo as Brand Ambassador

OKX, a global cryptocurrency exchange and web3 platform, announced on Thursday that it has partnered with Daniel Ricciardo, McLaren Racing Formula One driver and crypto trading enthusiast.

Ricciardo will serve as an OKX ambassador role during the 2022/23 racing season based on the partnership.

OKX and Ricciardo will collaborate to supercharge the fan experience through a series of activities. Such activities include a global campaign, supported by Ricciardo, aimed at educating fans on cryptocurrency trading and collaborating with designers from underrepresented communities to create a special edition racing helmet that will be worn during a race.

The relationship will also lead to new and exciting opportunities that will give Ricciardo’s fans an intimate insight into his cryptocurrency trading journey, with the chance to interact and get to know him away from the racetrack.

OKX is Ricciardos’ preferred trading platform of choice, along with other 20 million users in over 180 international markets worldwide.

The partnership with Ricciardo comes after British Formula One team McLaren Racing signed a multi-year sponsorship deal with Malta-based cryptocurrency exchange OKX early this month. The deal made OKX the official primary partner of McLaren’s F1 team and Shadow esports Team from 2022.

The 2022 Monaco Grand Prix on Sunday, May 29, will be the first race in the Formula 1 season with Ricciardo as the official partner of OKX and will see OKX branding carried on Ricciardo’s racing cap.

OKX branding will also appear on McLaren’s MCL36 F1 cars as well as on the race suits and helmets of other drivers. OKX branding will also appear on the kits for both the McLaren F1 and Shadow esports teams.

Haider Rafique, Chief Marketing Officer at OKX, talked about the development and said, “The loveable F1 favourite will be integral in helping us expand the reach of OKX, supercharge the fan experience and educate new audiences on the benefits of trading responsibly with crypto. We are thrilled to be able to announce our long-term partnership ahead of the iconic Monaco Grand Prix, a race that is so special to Daniel.”

Driving Crypto Adoption

OKX is the latest cryptocurrency exchange to use sports advertising as a marketing tool. In March, OKX signed a sponsorship deal with Manchester City football club to provide a wide range of “experiences” to its consumer base.

The partnership saw OKX gaining a “presence” at Etihad Stadium and the Academy Stadium, the 10th biggest football stadium in the UK. According to statistics from CoinMarketCap, OKX, formerly known as OKEx, is the second-largest crypto exchange by spot-trading transaction volume.

OKX Sponsors $20m Training Kit for Soccer Team Manchester City

Crypto exchange OKX, formerly OKEx, announced on Sunday that it will invest more than $20 million to sponsor Manchester City’s training kit this season.

It became a partnership with Manchester City in March and will continue to expand its investment in it, becoming the club’s official training kit partner for the 2022-23 season.

The partnership also educates Manchester City players in crypto educational content produced by OKX.

Forbes estimates the club to be worth $4.25 billion, placing it sixth.

In February, intra-city contender Manchester United inked a multi-year deal with Tezos, a proof-of-stake (POS) blockchain provider, as the club’s training kit sponsor.

Manchester United has signed a training gear sponsorship deal with point-of-sale (POS) blockchain provider Tezos. The new collaboration comes after last season’s contract with AON expired;

While cryptocurrencies are going through a bitter winter, many crypto exchanges such as Coinbase, BlockFi, Crypto.com and Gemini have announced layoffs. However, OKX is still advancing the talent introduction plan. Plans to increase headcount by 30% to 5,000 employees.

Haider Rafique, Chief Marketing Officer of OKX, said:

“OKX’s investments in our partners and our team are market agnostic because our principals and beliefs haven’t changed. We are intentional about selecting partners who reflect this focus, which means we didn’t spend the bull run making sports deals at an unsustainable rate .”

OKX is sponsoring Daniel Ricciardo at a time when races of the Formula One World Championship events are set to take place.

McLaren Racing, a British motor racing team, has inked a multi-year deal with crypto exchange OKX, formerly OKEx, to be the primary partner of McLaren Shadow esports Team and McLaren Formula 1 (F1) Team from this year.

OKX Receives Virtual-asset License in Dubai, Stablecoins Trading Goes Live on OKC Chain

Cryptocurrency platform OKX (formerly known as OKEx) has received a provisional virtual-asset license from the Dubai authority. The exchange plans to set up a regional hub in the city, according to Bloomberg on Thursday.

“OKX is committed to building out both its team and necessary infrastructure in the UAE,” General Manager Lennix Lai said in a statement, adding that the market had a growing local crypto ecosystem and “a balanced regulatory framework.”

Per the report, the license enables the company to provide access to products and services to investors in the United Arab Emirates.

OKX provides stablecoins trading

Meanwhile, OKX also launched a new crypto pair trading service on Wednesday. The company said that new stablecoins trading pegged to fiat currencies include Tether (USDT), a stablecoin pegged to the U.S. dollar, EURT, a stablecoin pegged to the euro, and Tether Gold (XAUT), a digital token backed by physical gold go live on OKX Chain (OKC).

OKX Chain, a secure and programmable smart contract platform for decentralized applications, became the 12th public chain to list Tether. Users can trade USDT more safely on OKX Chain with a transaction cost of $0.0001.

Lennix Lai, Director of Financial Markets, OKX stated that OKX Chain is able to provide both Ethereum and Cosmos ecosystems because it is suitable for many DeFi protocols, NFTs and other Metaverse applications at the intersection of the two blockchains. Lai said:

“Tether only lists USDT on some of the most prominent and successful public blockchains in the world, so we are delighted to welcome USDT to OKX Chain. OKX Chain is one of the few public chains that exist at the intersection of Ethereum and Cosmos, which means that users can enjoy the benefits offered by both ecosystems.”

According to data from CoinMarketCap, Tether is the world’s largest stablecoin with a market capitalization of $65.89 billion, ranking it as the third-largest digital asset.

Stablecoin issuer Tether Operations Limited (“Tether”) has announced plans to launch Tether tokens (“GBP₮”) pegged to the British Pound Sterling in early July.

OKX is actively expanding its business. On July 11, OKX announced that it will invest more than $20 million to sponsor Manchester City’s training kit this season.

TradingView Pairs with OKX, Offering Over 260 Cryptos Trading

TradingView, a leading charting and trading platform, has partnered with crypto exchange OKX to bring more than 260 cryptocurrencies to its framework.

As the world’s most famous investing website, TradingView offers more than 100 more crypto derivatives and 640 more spot trading pairs to its 30 million users based on the OKX integration.

Haider Rafique, the global chief marketing officer at OKX, welcomed the collaboration and stated:

“We are the first global crypto exchange of our size to integrate at this level with TradingView. Our primary focus is to bring better tooling and insights to crypto traders by allowing them to analyze market data, create custom charts, and use those signals to make more informed trades.”

The strategic collaboration will also play a pivotal role in enhancing social crypto trading by providing in-demand solutions like financial guidance and investment research.

Rafique added:

“With this partnership, TradingView customers can place trades via OKX without leaving the site, while OKX customers can make the most of TradingView charting within the OKX exchange. This enables faster decision making for traders and saves them having to click in and out of different views.”

Some of the cryptocurrencies added through the integration include Monero (XMR), Cosmos (ATOM), and Near (NEAR). Furthermore, futures and swaps will be available for coins like Litecoin (LTC), Solana (SOL), and Aave (AAVE).

Therefore, OKX users will have the opportunity to execute trades directly through TradingView.

By boosting business growth and development, exchanges are going a notch higher to make crypto trading seamless.

Likewise, Singapore-based crypto exchange Bybit recently joined with Actant to provide innovative quoting, automation, trading, and risk tools, Blockchain.News reported.

Crypto Exchange OKX Unveils Precautionary Measures Ahead of the Ethereum Merge

With the Ethereum merge just around the corner, crypto exchange OKX has given a service update that includes suspension of ETH deposits and withdrawals during the much-anticipated event.

Per the announcement:

“OKX will suspend ETH and other Ethereum-based (ERC-20) token deposits and withdrawals during the two upgrade events.”

OKX acknowledged that the precautionary measures were meant to minimize the trading risks triggered by price volatility during the merger. Therefore, the update is intended to prepare users for the event.

The crypto exchange pointed out:

“Based on the Ethereum Foundation’s announcements, the Merge will occur when Ethereum Mainnet reaches a block height of 15,540,293.”

The report added:

“This will happen sometime between September 10-20, 2022, perhaps around September 15, 2022 (UTC). The Merge will occur in two steps, Bellatrix and Paris.”

Bellatrix is the consensus layer upgrade that will prompt the merge awareness on the Beacon Chain or Ethereum 2.0 and is expected to happen around September 6.

On the other hand, Paris is the execution layer that will trigger the transition from a proof-of-work (PoW) to a proof-of-stake (PoS) consensus mechanism. It is slated for September 15.

Ethereum’s co-founder Vitalik Buterin had shared similar sentiments that the merge would happen around September 15.

Therefore, the merge is speculated to be the biggest software upgrade in the Ethereum ecosystem because it will make the second-largest cryptocurrency deflationary.

Crypto service provider LuckyHash had previously noted that the merge would prompt a 1% annual deflation rate, Blockchain.News reported. Market analyst Lark Davis was of a similar opinion that a PoS framework would trigger a supply growth rate of -2.8% in the Ethereum network.

OKX Website Blocked in Russia with Unknown Reason

The trading website of the OKX exchange has been blocked in Russia, according to Roskomsvoboda, a platform that keeps track of censored platforms.

The blockage remains unclear why the platform was being stopped and when it will be back online soon. However, the situation can offset the cryptocurrency ecosystem with the notion that the Russian government is all out for crypto-linked trading platforms.

Hasty conclusions may not serve users right as Russia is gradually beginning to wake up to the embrace of cryptocurrencies, with the sanctions from Western regulators still crippling the national economy.

Since the war in Ukraine started, both countries have relied heavily on digital currencies for transactions as banks in the most affected areas were halted.

It is unclear how Russia will want to sabotage crypto trading with the censorship of some of the biggest crypto exchanges around, considering the Ministry of Finance and the Bank of Russia have recently found grounds for adopting Bitcoin as a means of transactions.

While the Ministry of Energy is advocating for the mining of Bitcoin using excess energy, the ministry in charge of trade is also considering adopting the coin for international settlements for goods and services.

The evolution of cryptocurrencies has gone through many phases this year alone, and it has gone from attempts by the Bank of Russia advocating for its ban to a stage where it is now being considered a viable avenue to survive the current economic and financial hardship rocking the local economy.

Notably, digital currencies now occupy a crucial part of most countries’ financial ecosystems. With countries like Ukraine, El Salvador, and the Central African Republic pioneering the legalization of Bitcoin and digital assets, the narrative is changing as key regions like the European Union are actively working on implementing its regulatory framework tailored for the crypto industry through the Markets in Crypto Assets (MiCA) regulation.

OKX Partners with Pyth Network

Cryptocurrency exchange OKX announced that it is partnering with Pyth Network, which operates one of the largest and most reliable oracle networks.

The Oracle solution uses Wormhole messaging protocol to aggregate and publish data at sub-second speeds, which makes it available across blockchains.

“Given the recent liquidation events in DeFi, we understand that a high-performance, robust and low latency market data oracle service is crucial in developing financial products in DeFi. The Pyth network, with sub-second latency and its rapidly growing network of highly respected data partners, is an example of this exciting potential,” said Lennix Lai, OKX Director of Financial Markets.

Per the statement, the partnership would also help OKX in crypto and traditional finance.

Pyth Network is a next-generation Oracle solution built on the Solana blockchain. It has been designed to provide trusted and verifiable market data to decentralized applications.

“OKX has firmly established itself as a leading global crypto exchange known for innovation and security. Their commitment to DeFi and Web3 resonates with Pyth’s mission of promoting more efficient on-chain markets, and we look forward to partnering with them on this journey,” Michael Cahill, Director of the Pyth Data Association.

Earlier this in May, Seychelles-based cryptocurrency exchange KuCoin also formed a strategic partnership with Pyth Network, according to Blockchain.News.

Through this partnership, KuCoin is committed to providing real-time prices of trading pairs listed on KuCoin to Pyth network, enabling all traded currencies on KuCoin to the Pyth network, completing the complete chain of crypto market prices.

In another major development in July this year, OKX partnered with the leading charting and trading platform TradingView.

This partnership has brought more than 260 cryptocurrencies to Trading View’s framework.

As the world’s most famous investing website, TradingView offers more than 100 more crypto derivatives and 640 more spot trading pairs to its 30 million users based on the OKX integration.

Also, in July, OKX received a provisional virtual-asset license from the Dubai authority. According to a Bloomberg report, the exchange plans to set up a regional hub in the city.

Crypto Exchange OKX Opens Regional Office in the Bahamas

OKX, one of the leading digital currency trading platforms in the world has announced the establishment of OKX Bahamas, a regional hub that will be tasked with serving customers in the country, the Bahamas, and the broader Latin American world.

The trading platform said it created the office in the Bahamas after its registration as a Digital Asset Business in The Bahamas under the newly adopted Digital Assets and Registered Exchanges (DARE) Act. The company said it is now riding on the progressive regulatory push from the Securities Commission of the Bahamas to extend its influence in the country.

OKX also announced the appointment of blockchain industry veteran, Dr. Jillian Bethel, an industry veteran to serve as the CEO of OKX Bahamas. Jillian is not just an expert in the space, he understands the regulatory permissions available in the Bahamas and is in the best position to help pilot the affairs of the trading platform.

“The DARE Act has made the Bahamas a pioneer in digital asset adoption, and I’m proud to lead the OKX Bahamas team in championing crypto,” CEO Bethel said in a statement. “As a gateway to the Caribbean and the broader Americas, the Bahamas is opening new doors for local talent and global businesses to thrive here with forward-looking policy.”

The Bahamas’ attractiveness has pushed big platforms in the ecosystem including FTX Derivatives Exchange to move its headquarters down there last year after Hong Kong took a hardcore stance into the industry.

Newly acquired Huobi Global exchange has also been mulling plans to shift its base from Seychelles to the Caribbean Islands with the Bahamas amongst the top destinations according to an earlier report by Blockchain.News.

OKX has been growing its global footprint over the years and beyond The Bahamas licensing, the exchange has also secured approval to operate in Dubai.