The protocol is ready to airdrop 750 million ENA tokens, or 5% of the whole provide. The marketing campaign to earn “shards,” which qualify customers for the token airdrop, will finish on April 1. Those that unstake, unlock or promote all their USDe earlier than this date won’t be eligible for the airdrop.
Customers will have the ability to declare tokens beginning the subsequent day, and ENA shall be listed on centralized exchanges, per the weblog submit. After the airdrop, Ethena will begin a marketing campaign with new incentives for the subsequent part of the airdrop.
Ethena’s USDe token, also known as “artificial greenback,” presents regular yields to buyers through the use of ether (ETH) liquid staking tokens comparable to Lido’s stETH as backing belongings, pairing them with an equal worth of brief ETH perpetual futures place on derivatives exchanges to maintain a “tough goal” of $1 worth. That is often known as a “money and carry” commerce, which harvests derivatives funding charges for a yield.
The protocol’s USDe token mushroomed just lately, rising to over $1.3 billion from $85 million at the beginning of the yr, per DefiLlama data, propelled by its lofty yield on account of frothy crypto markets and in anticipation of the airdrop.
