Ethena’s token ENA surged to a four-month high as the DeFi protocol saw increased inflows during a crypto rally, with the token hitting over $0.50 for the first time since February. The protocol generates higher yields for investors using bitcoin, ether, and Solana as backing assets.

Funding rates on exchanges rose recently, boosting the protocol’s annualized yield to nearly 10%, surpassing money market funds. USDe, Ethena’s synthetic dollar, attracted $750 million in new inflows, nearing its record supply of $6.1 billion in February, as per DefiLlama data and the project’s dashboard.

Read more at Yahoo Finance: Ethena’s ENA Soars 20% as Protocol Sees $750M Inflow Amid Rising Crypto Funding Rates