AirDrop Will Be Based on Shard Number

In a recent statement by Ethena Labs, it was stated that ENA tokens will be distributed via AirDrop to users holding USDe, the protocol's synthetic dollar pegged to the US currency.

AirDrop, scheduled for April 2, will make ENA tokens available on centralized cryptocurrency exchanges (CEXs). The statement stated that the allocation of tokens to each user will be based on the number of “shards” accumulated by April 1, and users will need to protect their USDe assets staked or otherwise held in the Ethena protocol to qualify for AirDrop.

The announcement follows the conclusion of the Ethena Shard Campaign, a six-week initiative designed to encourage cryptocurrency enthusiasts to collect “shards” that conduct transactions on the Ethena protocol. Ethena Labs reportedly surpassed the $1 billion milestone by reaching a value of $1.3 billion in USDe supply during the campaign.

The Project Reached a Valuation of 300 Million Dollars

The launch of the ENA token follows significant investments in Ethena Labs last year. At that time, investors invested $20.5 million in the project in two funding rounds. According to crypto data and pricing platform CoinGecko, key participants in these funding rounds included Galaxy Digital, OKX, Dragonfly, Binance Labs and Bybit, taking the token maker to a valuation of $300 million.

Ethena Labs' decision to distribute ENA tokens via AirDrop is part of its commitment to encourage users' participation in the protocol while capitalizing on DeFi's growing popularity from the cryptocurrency world. The move also underlines the growing importance of synthetic assets like USDe in enabling transactions in DeFi and expanding access to digital financial services for users worldwide.