Ethereum DeFi Protocol Ethena Labs Plans 750 million Airdrop of ENA Token

Ethena Labs, a decentralized finance (DeFi) protocol, has introduced the distribution of 750 million ENA tokens to holders of “shards,” which represents customers’ engagement with the protocol.

To qualify for the airdrop, customers should guarantee their USDe, the protocol’s artificial greenback that’s pegged to the U.S. forex, is staked or held inside the Ethena protocol. Eligible contributors can count on to obtain the ENA tokens on April 2, and these tokens will subsequently be obtainable on centralized cryptocurrency exchanges (CEXs).

Ethena Labs has efficiently raised $20.5 million in funding over the previous 12 months via two funding rounds. Notable traders similar to Galaxy Digital, OKX, Dragonfly, Binance Labs, and Bybit, amongst others, participated in these rounds, resulting in a valuation of $300 million for the token maker.

This airdrop initiative follows the conclusion of the Ethena Shard Marketing campaign, a six-week occasion that inspired crypto lovers to gather shards by actively collaborating in actions on the Ethena protocol. In the course of the marketing campaign, the provision of USDe reached a price of $1.3 billion, making it the quickest USD-denominated asset to surpass the $1 billion milestone, as reported by Ethena Labs.

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