- Ethena Labs has launched its new governance token.
- The launch comes with a massive airdrop.
- Only eligible users will be able to claim the airdrop.
Decentralized finance (DeFi) protocol Ethena Labs has initiated the claims process of 5% of its new governance token ENA, the project said on Tuesday.
Founded in 2023, Ethena Labs is a derivative infrastructure provider that aims to transform ETH into the first crypto-native yield-bearing stablecoin with no reliance on banking systems. In February, the project raised $14 million in a seed extension round led by Dragonfly.
Ethena Labs Launches ENA with Massive Airdrop
In an April 2 post on X (Twitter), Ethena Labs invited the holders of its $1.3 billion yield-earning USDe to claim their share of the 750 million ENA tokens airdrop, equivalent to the token’s 5% total supply set for listing on centralized exchanges.
“The full 5% of $ENA has already been distributed to the claim smart contracts. The core contributors will be working around the clock to support with any questions on the claimable $ENA,” the project wrote.
Per the announcement, ENA will be listed on various exchanges on Tuesday at 8 am UTC, including Binance, Bitget, Bybit, KuCoin, MEXC, HTX, BitMart, and Coinone.
The airdrop and the subsequent token launch come after the “shard campaign,” a reward program that allowed early participants to accrue points based on their involvement with the project via referral links. The number of tokens each eligible user will receive from the airdrop depends on the number of points they accumulated until April 1, the project said.
In the meantime, the project has invited users to participate in Ethena Labs Season 2 Sats Campaign, which will span for five months or until USDe’s supply reaches $5 billion with BTC backing. The campaign will offer “enhanced rewards” for early adopters.
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