Ethena has initiated the claim process for its governance token (ENA) airdrop, allocating 750 million tokens, equivalent to 5% of its total supply of 15 billion, to eligible participants. The project has announced that the token will commence trading on various centralized exchanges, starting at 4:00 a.m. EST.
This airdrop follows the “shard campaign,” a reward initiative aimed at early adopters, allowing user engagement through referral links and rewarding them with shards (or points). The number of tokens allocated to each user is determined by the total shards accumulated by April 1.
Ethena Labs, the development firm behind the synthetic dollar project Ethena, also known as USDe, has been supportive of the stablecoin, referred to as an “Internet Bond” and a “synthetic dollar.” In February, Ethena Labs secured $14 million in a strategic funding round, valuing the project at $300 million. The funding round was co-led by Dragonfly and Maelstrom, the family office of BitMEX founder Arthur Hayes.
Unlike traditional stablecoins, USDe implements a distinctive mechanism that doesn’t rely on direct fiat or asset backing. Instead, it employs strategies such as hedging derivative positions against collateral held by the protocol and an arbitrage system for minting and redeeming USDe, aimed at maintaining its peg to the US dollar.
In essence, USDe utilizes methods like shorting ether futures and earning yield through staking with Ethereum validators to generate a protocol yield, which is then shared with stablecoin holders.
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