Ethena is launching a new airdrop and plans to expand to the next level following the success of its synthetic stablecoin USDe.
On April 2, 2024, Ethena announced that it would begin decentralizing the Ethena Protocol, introducing its own token, ENA, to the community. This move follows the Ethena Shard campaign, which increased the supply of USDe and established it as a powerhouse in the decentralized finance (DeFi) sector.
Ethena announces token airdrop
Ethena’s USDe broke records with supply exceeding $1.38 billion. This milestone makes it the fastest USD-denominated asset in the cryptocurrency industry to reach this supply.
The upcoming ENA token launch is an opportunity for users to participate more deeply in the ecosystem. Ethena has outlined a clear process for claiming ENA, emphasizing security and community trust.
Utilizing ‘shards’ accumulated over the past six weeks, users will participate in the distribution of 750 million ENA, equivalent to 5% of the total supply.
The top 2,000 wallets by shard count among over 90,000 eligible users will have 50% of their ENA holdings liquidated immediately, with the remaining 50% entering a 6-month vesting schedule. On the other hand, small holders are exempt from vesting restrictions and can fully liquidate airdropped ENA.
“Vesting is intended to reward long-term participation, and if a user chooses to exit the system early, the uninvested rewards are shared with other loyal users to increase the share of loyal users in the airdrop who remain engaged. ” explained the Ethena team.
Read more: What is the Ethena Protocol and USDe Synthetic Dollar ?
Users must access claim.ethena.fi , the only official claim site for ENA tokens. This site will be accessible on April 1, 2024, the day before the claims process begins. Ethena emphasizes the importance of using this specific link to prevent phishing attempts and ensure the security of the claims process.
The launch of ENA is a step toward decentralization and community empowerment in Ethena’s ecosystem. Ethena aims to foster a healthy, highly engaged and long-term oriented community by carefully structuring token economics, distribution and vesting periods.
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