Ethena has announced an airdrop of 750 million ENA for participants in the shard campaign, with distribution based on the number of shards held by each user, aiming to reward long-term participation in the protocol.
Ethena, a protocol for synthetic crypto-native dollars, has announced an airdrop of its governance token, ENA, to participants in its fractional campaign.
Ethena Announces 750 Million ENA Airdrop
Ethena joins the ranks of decentralized finance protocols that organize airdrops for their users. The protocol, which seeks to build a decentralized financial bond system outside the banking system and generate synthetic tokens pegged to the dollar, announced the launch of its ENA governance token.
The allocation of 750 million ENA, which is 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.
The platform has stated that after 6 weeks of fractional operations, 750 million ENA (which is 5% of the total supply) will be airdropped, with the number of fractions held by each user serving as the basis for distribution. Small holders will receive their ENA airdrop without vesting, the largest 2,000 wallets holding ENA will only receive half of their allocation on the day of the airdrop.
This, according to Ethena, will help reward long-term participation in the protocol, ignoring users who have short attention spans and do not want to participate in the Ethena ecosystem for a longer period of time.
Additionally, Ethena announced the start of the sats campaign, a new phase of ecosystem development that will focus on “accepting BTC as a supporting asset.” Ethena stated that this new campaign will allow it to increase USDE's market capitalization to over $10 billion.
The protocol has experienced tremendous growth since completing its seed round in July, reaching a market capitalization of over $1.4 billion with a circulation increase of over 180% in the last 30 days. ENA airdrop claims opened on April 2 and will remain available for 30 days.
What do you think about Ethena's ENA governance token airdrop and its growth strategy? Let us know in the comments section below.
