Ethena Labs Announces 750 Million ENA Token Airdrop on April 2nd Following Successful Shard Campaign

Ethena Labs Announces 750 Million ENA Token Airdrop on April 2nd Following Successful Shard Campaign

Crypto News – Ethena Labs recently announced its plans to distribute 750 million of its governance tokens on April 2nd. This initiative by the decentralized finance (DeFi) protocol aims to reward users engaged with the platform, as revealed in a statement released by Ethena Labs on Wednesday.

The 750 million ENA tokens represent 5% of the total 15 billion ENA token supply. These tokens will be allocated to holders of “shards,” digital units that gauge users’ interaction with the protocol. Eligible recipients of the airdrop are those holding USDe, the protocol’s synthetic dollar pegged to the U.S. currency.

According to the statement from Ethena Labs, the ENA tokens will be distributed to eligible participants on April 2nd and will subsequently be available on centralized cryptocurrency exchanges (CEXs). The amount of tokens each user receives will be determined by the number of “shards” accumulated by April 1st. It is emphasized in the statement that users must maintain their USDe holdings staked or held within the Ethena protocol to qualify for the token distribution.

This airdrop initiative follows the conclusion of the Ethena Shard Campaign, a six-week event designed to encourage crypto enthusiasts to accumulate “shards” through various activities on the Ethena protocol. During this campaign, the supply of USDe reached a significant milestone, surpassing $1 billion in value, marking it as the fastest USD-denominated asset to achieve such a feat, according to Ethena Labs.

The rollout of the ENA token distribution also comes on the heels of substantial investments in Ethena Labs over the past year. Investors injected a total of $20.5 million through two funding rounds, with notable participation from Galaxy Digital, OKX, Dragonfly, Binance Labs, and Bybit, among others. This investment surge has led to a valuation of $300 million for the token maker, as reported by CoinGecko.