Ethena Unveils ENA Governance Token Airdrop

Ethena also launches a sats campaign, aiming to integrate Bitcoin as collateral and surpass a $10 billion market cap for its synthetic dollar, USDE.

Ethena, the protocol underlying the synthetic cryptocurrency native dollar, has notified shard campaign participants of an airdrop of its governance token, ENA.

The platform has declared that 750 million ENA (or 5% of the total supply) will be airdropped following a six-week shard operation; the distribution will be proportional to the number of shards each user holds.

Ethena has become one of several decentralized finance protocols to facilitate airdrops for their users.

The initiative, which generates a dollar-pegged synthetic token and aims to construct a decentralized finance bond system outside the banking system, disclosed the introduction of its governance token, ENA.

A 5% portion of the overall supply, or 750 million ENA, will be allocated following each user’s activity as specified in the protocol. The criterion for this will be the number of shards each user obtained throughout the preceding six-week shard campaign.

On the day of the airdrop, the 2000 largest wallets holding ENA will receive only half of their allocation, whereas minor holders will receive their ENA airdrop without vesting.

The remaining portion will be allocated during a vesting period of six months, provided that users maintain an equivalent quantity of USDE, Ethena’s synthetic dollar, as they did when the airdrop snapshot was captured.

According to Ethena, this feature will incentivize sustained engagement with the protocol while disregarding users with limited attention spans who do not intend to participate in Ethena’s ecosystem for an extended period of time.

Ethena’s Sats Campaign and Market Expansion

In addition, Ethena declared the commencement of the sats campaign, an additional stage in the development of the ecosystem that will center on “integrating Bitcoin as a collateral asset.”

Ethena asserts that this new campaign will enable USDE to surpass $10 billion in market capitalization.

Since its seed round concluded in July, the protocol has grown tremendously, amassing a market capitalization of more than $1.4 billion and a circulation increase of more than 180% over the past thirty days.

The claims period for the ENA airdrop will commence on April 2 and last for thirty days.