Ethena Labs, a decentralized finance (DeFi) protocol, has announced the distribution of 750 million ENA tokens to holders of “shards,” which represents users’ engagement with the protocol. This airdrop accounts for 5% of the total supply of 15 billion ENA tokens, and the quantity of tokens each user receives will be based on the number of shards they accumulate by April 1.
To qualify for the airdrop, users must ensure their USDe, the protocol’s synthetic dollar that is pegged to the U.S. currency, is staked or held within the Ethena protocol. Eligible participants can expect to receive the ENA tokens on April 2, and these tokens will subsequently be available on centralized cryptocurrency exchanges (CEXs).
Ethena Labs has successfully raised $20.5 million in funding over the past year through two funding rounds. Notable investors such as Galaxy Digital, OKX, Dragonfly, Binance Labs, and Bybit, among others, participated in these rounds, leading to a valuation of $300 million for the token maker.
This airdrop initiative follows the conclusion of the Ethena Shard Campaign, a six-week event that encouraged crypto enthusiasts to collect shards by actively participating in activities on the Ethena protocol. During the campaign, the supply of USDe reached a value of $1.3 billion, making it the fastest USD-denominated asset to surpass the $1 billion milestone, as reported by Ethena Labs.