Ethereum

Internet Money

DeFi

April

Ethena

<h2 id="key-points">Key Points</h2>
<ul>
 <li>Ethereum DeFi protocol Ethena Labs announces 750 million ENA tokens airdrop.</li>
 <li>Ethena Protocol is focused on generating yield from ETH derivative funding rates.</li>
 <li>This airdrop aims to incentivize user participation and distribute tokens to the community.</li>
</ul>
Ethena Labs is a decentralized finance protocol on <a href="https://crypto.ro/en/news/ethereum-etf-looks-inevitable-as-fidelity-files-for-spot-eth-etf-staking-included/" rel="noopener noreferrer nofollow">Ethereum</a>, and ENA is its governance token. The project announced on X the first step in decentralizing the protocol with the launch of ENA:
<blockquote class="twitter-tweet" data-width="500" data-dnt="true">
 We are excited to announce the first step in decentralizing the Ethena protocol with the launch of: <a href="https://twitter.com/search?q=%24ENA&amp;src=ctag&amp;ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow" target="_blank">$ENA</a> <a href="https://t.co/Xs7vvfmEEP" rel="noopener noreferrer nofollow" target="_blank">pic.twitter.com/Xs7vvfmEEP</a>
 — Ethena Labs (@ethena_labs) <a href="https://twitter.com/ethena_labs/status/1773077170132320626?ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow" target="_blank">March 27, 2024</a>
</blockquote>
<script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script>
Ethena Labs also notes that the launch of ENA brings the project closer to delivering its vision of the “holy grail” – Internet Money.
<blockquote class="twitter-tweet" data-width="500" data-dnt="true">
 The launch of <a href="https://twitter.com/search?q=%24ENA&amp;src=ctag&amp;ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow" target="_blank">$ENA</a> brings us one step closer to delivering our vision of the holy grail:
 Internet Money
 Full details in the post below:<a href="https://t.co/ZL18e2QLrV" rel="noopener noreferrer nofollow" target="_blank">https://t.co/ZL18e2QLrV</a>
 — Ethena Labs (@ethena_labs) <a href="https://twitter.com/ethena_labs/status/1773077172929863875?ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow" target="_blank">March 27, 2024</a>
</blockquote>
<script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script>
Ethena Labs has recently announced that they will be distributing 750 million ENA tokens to users who hold “shards.” These shards represent the engagement of users with the protocol.
The airdrop will account for 5% of the total supply of 15 billion ENA tokens, and the number of tokens each user receives will be based on the number of shards accumulated by April 1st.
In the <a href="https://mirror.xyz/0xF99d0E4E3435cc9C9868D1C6274DfaB3e2721341/uCBp9VeuLWs-ul1b6AOUAoMg5HBB_iizMIi-11N6nT8" rel="noopener noreferrer nofollow" target="_blank">official announcement</a>, they revealed April 2 as the beginning of Ethena Protocol’s decentralization:
<blockquote>
 “We are excited to announce that April 2nd 2024 will mark the beginning of the decentralization of the Ethena protocol, with the launch of Ethena’s native token, ENA.”
</blockquote>
In order to be qualified for the airdrop, users have to make sure that their USDe, the synthetic dollar that is pegged to the US currency is staked or held within the Ethena Protocol. All eligible participants will receive their ENA tokens on April 2 and they will become available on centralized crypto exchanges.
<h2 id="ethena-labs-raised-20-5-million-in-funding-in-2023">Ethena Labs raised $20.5 million in funding in 2023</h2>
Ethena Labs managed to successfully raise $20.5 million in funding during the past year via two funding rounds.
Galaxy Digital, OKX, Dragonfly, Binance Labs, and Bybit, among others, are the most important participants in these rounds, leading to a valuation of $300 million for the token maker.
The airdrop announcement follows the Ethena Shard Campaign, which is an event that encouraged crypto fans to collect shards by taking part in activities on the Ethena Protocol.
<blockquote class="twitter-tweet" data-width="500" data-dnt="true">
 To summarize:
 – The Shard Campaign concludes April 1st
 – ENA can be claimed on April 2nd
 -5% of ENA supply will be airdropped to users, before our second campaign begins
 – Any user who unstakes or sells USDe before this date will not be eligible for the airdrop
 – Listings on… <a href="https://t.co/z9kjTJdGFq" rel="noopener noreferrer nofollow" target="_blank">pic.twitter.com/z9kjTJdGFq</a>
 — Ethena Labs (@ethena_labs) <a href="https://twitter.com/ethena_labs/status/1773077175790444952?ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow" target="_blank">March 27, 2024</a>
</blockquote>
<script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script>
According to <a href="https://twitter.com/ethena_labs/status/1773077179200352518" rel="noopener noreferrer nofollow" target="_blank">Ethena Labs</a>, during the campaign, the value of USDe reached $1.3 billion, making it the fastest USD-denominated asset to surpass the $1 billion milestone.
<blockquote>
 “April 1st marks the end of the Ethena Shard Campaign, which ran for a duration of just 6 weeks in total One of the shortest pre-token campaigns to date USDe supply stands at $1.35bn today This represents the fastest USD-denominated asset to reach &gt;$1bn supply ever in crypto.”
</blockquote>
<h2 id="governance-role-and-tokenomics">Governance role and tokenomics</h2>
ENA token holders have voting rights within the Ethena Protocol. They can participate in proposals and decisions regarding the future development of the protocol.
The total supply of ENA tokens is not specified publicly available sources, but we know that 750 million tokens will be distributed via the airdrop.

Ethena Labs DeFi Protocol On Ethereum Announces 750 Million ENA Tokens Airdrop On April 2

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