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The largest recipient of the Ethena Labs airdrop received nearly $2 million worth of Ethena (ENA) tokens on April 2.
The recipient, wallet 0xb56, received 3.3 million Ethena tokens worth $1.96 million, according to on-chain data analyzed by Arkham Intelligence in an April 2 X post.
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 Athena Labs airdrop, wallet forensics. Source: <a href="https://twitter.com/ArkhamIntel/status/1775116380926554458/photo/1" target="_blank" rel="noopener nofollow">Arkham Intelligence</a>
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The Ethena Labs airdrop went live on April 2, distributing $450 million worth of ENA tokens among eligible wallets.
The full airdrop allocation had been distributed by 7:17 am UTC on April 2, <a href="https://twitter.com/ethena_labs/status/1775060019924586725" target="_blank" rel="noopener nofollow">according</a> to an X post by Ethena Labs.
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 “The full 5% of $ENA has already been distributed to the claim smart contracts. The core contributors will be working around the clock to support with any questions on the claimable $ENA.”
</blockquote>
After the airdrop claim page went live, the Ethena token was listed for trading at 8:00 am UTC on some of the biggest centralized crypto exchanges, including Binance, Bybit, KuCoin, HTX, MEXC and BitMart. 
The Ethena token fell over 15% in the 24 hours leading up to 11:30 am to change hands at $0.5824. ENA is currently the 110th-largest cryptocurrency with a $836 million market capitalization, <a href="https://coinmarketcap.com/currencies/ethena/" target="_blank" rel="noopener nofollow">according</a> to CoinMarketCap data.
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 <img src="https://s3.cointelegraph.com/uploads/2024-04/bb782b27-337b-4ad6-a534-6294765f930e.png" alt="" title="">
 <figcaption style="text-align: center;">
 ENA/USDT, 15-minute chart. Source: CoinMarketCap
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Related: <a href="https://cointelegraph.com/news/usde-yield-terra-luna-reaction-ethena-labs">Ethena Labs founder clarifies USDe stability amid high yield worries</a>
Ethena Labs launched its USDe synthetic dollar on the public mainnet on Feb. 19. It&nbsp;<a href="https://cointelegraph.com/news/ethena-highest-earning-dapp-crypto">became the highest-earning</a> decentralized application (DApp) in crypto on March 8 when it offered investors an annual percentage yield (APY) of 67%.
Ethena’s USDe is currently offering a 35.4% yield to over 123,000 users, with a $1.6 billion total value locked (TVL), <a href="https://www.ethena.fi/" target="_blank" rel="noopener nofollow">according</a> to Ethena Labs’ homepage. 
The market cap of USDe rose 1.9% in the past week and 135% in the past month to $1.58 billion, <a href="https://defillama.com/stablecoin/ethena-usde" target="_blank" rel="noopener nofollow">according</a> to DefiLlama data.
The Ethena token was listed for farming on the Binance launch pool last week. 
There was widespread concern when a <a href="https://cointelegraph.com/news/ethena-labs-exploited-290k-binance-launchpool">fake, copycat ENA token</a> was exploited for $290,000 worth of BNB on March 29. On-chain security firm PeckShield mistook the fake token for the real ENA coin. The real Ethena token suffered no exploit.
Related: <a href="https://cointelegraph.com/news/how-high-can-bitcoin-go-180k-btc-price-prediction">How high can Bitcoin go? New BTC price prediction sees cycle top at $180K</a>

Largest Ethena airdrop recipient gets nearly $2M

Cointelegraph

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