Ethena Labs, a decentralized finance (DeFi) platform, has made an announcement on the distribution of 750 million ENA tokens to holders of "shards," which are tokens that indicate the level of engagement that consumers have with the network.
This airdrop constitutes five percent of the overall supply of fifteen billion ENA tokens, and the quantity of tokens that individual users will receive will be determined by the number of shards that they have accumulated as of the first of April.
Users are need to guarantee that their USDe, which is the protocol's synthetic dollar that is pegged to the currency of the United States, is staked or held within the Ethena protocol in order to be eligible for the airdrop.
On April 2, individuals who are eligible to acquire ENA tokens can anticipate receiving them, and after that, these tokens will be made available on centralized cryptocurrency exchanges (CEXs).
Over the course of the past year, Ethena Labs has been able to successfully raise a total of $20.5 million in capital through two separate funding rounds.
The token manufacturer was valued at $300 million as a result of the participation of notable investors such as Galaxy Digital, OKX, Dragonfly, Binance Labs, and Bybit, amongst others, in recent rounds of funding.
Following the conclusion of the Ethena Shard Campaign, which was a six-week event that encouraged crypto enthusiasts to acquire shards by actively participating in activities on the Ethena protocol, this airdrop project has been implemented.
According to Ethena Labs, the supply of USDe attained a value of $1.3 billion throughout the campaign, making it the asset that surpassed the $1 billion milestone in the shortest amount of time among assets denominated in USD.
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