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Ethena, the protocol for the synthetic crypto native dollar, has announced an airdrop of its governance token, ENA, for participants in its shard campaign. The platform has stated that after a 6-week shard operation, 750 million ENA (which is 5% of the total supply) will be airdropped, with the number of shards held by each user serving as the basis for the distribution.
Ethena Announces 750 Million ENA Airdrop
Ethena is joining the ranks of decentralized finance protocols that organize airdrops for their users. The protocol, which seeks to build a decentralized finance bond system outside the banking system and produce a dollar-pegged synthetic token, announced the launch of its governance token ENA.
The allocation of 750 million ENA, constituting 5% of the total supply, will be made according to each user’s activity in the protocol. This will be determined by the number of shards received by each user during the previous 6-week shard campaign.
While small holders will receive their ENA airdrop without vesting, the 2000 largest wallets holding ENA will receive only half of their allocation on the day of the airdrop. The other half will be distributed in a 6 month vesting period subject to the users holding at least the same amount of USDE, Ethena’s synthetic dollar, as they did when the airdrop snapshot was taken.
This, Ethena states, will help reward long-term participation in the protocol, disregarding users who have a short attention span and do not seek to participate in Ethena’s ecosystem over a longer duration.
Furthermore, Ethena announced the start of the sats campaign, a new phase of the ecosystem development that will focus on “onboarding BTC as a backing asset.” Ethena states that this new campaign will allow it to grow USDE’s market cap to over $10 billion.
The protocol has experienced immense growth since completing its seed round in July, reaching a market cap of over $1.4 billion with a circulation increase of over 180% in the last 30 days. ENA’s airdrop claims open on April 2 and will remain available for 30 days.
What do you think about Ethena’s ENA governance token airdrop and growth strategy? Tell us in the comments section below.