Ethena is set to launch a new airdrop, marking the next phase in its expansion following the success of its synthetic stablecoin, USDe.
The company announced that April 2, 2024, will commence the decentralization of Ethena Protocol, introducing its native token, ENA, to its community. This move comes on the heels of the Ethena Shard Campaign, an initiative that boosted USDe’s supply, positioning it as a dominant force in the decentralized finance (DeFi) sector.
Ethena Unveils Token Airdrop
Ethena’s USDe has shattered records, amassing a supply of over $1.38 billion. This milestone positions it as the fastest USD-denominated asset to reach this supply level in the crypto industry.
The upcoming ENA token launch is an opportunity for its users to engage deeper with the ecosystem. Ethena has outlined a clear process for claiming ENA, emphasizing security and community trust.
By leveraging “shards” accumulated over the last six weeks, users will participate in a distribution of 750 million ENA, representing 5% of the total supply.
The top 2,000 wallets by shard count, out of the over 90,000 eligible users, will see 50% of their ENA become liquid immediately, while the remaining 50% enters a 6-month vesting schedule. On the other hand, smaller holders are exempt from vesting restrictions, receiving full liquidity of their airdropped ENA.
“The vesting is intended to reward longer term participation, and if a user chooses to exit the system early their unvested rewards are shared with other loyal users to increase the loyal users share of the airdrop who remain participating,” the Ethena team wrote.
Read more: What Is Ethena Protocol and its USDe Synthetic Dollar?
Users must access the only official claim site for ENA tokens at claim.ethena.fi. This site will become accessible the day before the claim process begins, on April 1, 2024. Ethena emphasizes the importance of using this specific link to avoid phishing attempts and ensure the security of the claim process.
The launch of ENA is a step towards further decentralization and community empowerment in Ethena’s ecosystem. By carefully structuring the tokenomics, distribution, and vesting periods, Ethena aims to foster a healthy, engaged, and long-term oriented community.
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