Ethena Labs to Airdrop 750 Million ENA Tokens

On April 2, the DeFi protocol Ethena Labs will initiate an airdrop of 750 million ENA governance tokens among participants of the Shard incentive program.

The distributed tokens will account for 5% of the total issuance of 15 billion.

Users will receive tokens corresponding to the points—“shards”—accumulated during Shard up to April 1. The assets must be claimed within 30 days. Unclaimed ENA will subsequently be redistributed among all airdrop participants.

Ethena Labs is a protocol for the synthetic dollar USDe based on Ethereum. The coin is intended for passive income within the network and is not positioned as a stablecoin. 

Price stability is expected to be achieved through risk hedging by selling ETH using perpetual swaps.

The team also describes USDe as an “internet bond,” offering a dollar-denominated savings instrument focused on DeFi.

In March, CoinGecko experts outlined how to interact with the protocol to increase the chances of receiving the Ethena Labs airdrop.

Following the initial token distribution, the team will immediately launch a second incentive campaign called Sats. This will last for five months or until USDe reaches a market capitalization of $10 billion, whichever comes first.

At the time of writing, the market supply of Ethena Labs’ stablecoin approached $1.4 billion. According to the team, USDe became “the fastest” dollar-denominated asset to surpass the $1 billion mark.

In February, Ethena Labs closed a seed funding round of $15 million led by Dragonfly and Maelstrom.