Ethena Labs announces 750 million ENA airdrop for its community

Ethena Labs announces 750 million ENA airdrop for its community

Ethena Labs has announced that the ENA airdrop is set for April 2, with trading on exchanges also open.
Eligible Shard Campaign participants will be airdropped tokens amounting to 750 million, or 5% of ENA supply.

Ethena Labs is set to mark the next step in its decentralization with one of the biggest airdrops in the crypto market.

The Ethena Labs team announced that the highly anticipated ENA token airdrop happens next week, on April 2. Trading on crypto exchanges also opens on the day.

Per the update, the DeFi protocol’s community will receive a distribution of 750 ENA tokens, which represent 5% of the total supply of 15 million ENA tokens.

ENA distribution follows Ethena’s mainnet launch in February and marks the end of the project’s “Shard Campaign”.

Users’ engagement and accumulation of “shards” ends on April 1, allowing the community to claim ENA tokens from April 2.

ENA airdrop: Who’s eligible?

According to an announcement from Ethena Labs, airdrop eligibility will be pegged on users’ shards accumulation up to the snapshot date on April 1. During this program, the USDe stablecoin’s supply rose to over $1.38 billion.

Participants must have held onto their staked USDe to qualify. Unstaking or selling USDe before this date will see participants become ineligible for the ENA airdrop.

However, following an exploit on DeFi protocol Prisma Finance, a “21 day lock on the mkUSD<>USDe pool on Ethena” was lifted. The exploit on Prisma on Thursday saw more than $10 million in assets stolen and the Ethena team acknowledged the need to allow users immediately withdraw their funds.

“Users will not lose any shards or accrued rewards for withdrawing from this pool,” Ethena Labs posted on X.

We are aware of the ongoing issues with our friends at @PrismaFi

The 21 day lock on the mkUSD<>USDe pool on Ethena has been lifted with immediate effect so users can withdraw as required

Users will not lose any shards or accrued rewards for withdrawing from this pool https://t.co/NEGXegqMVp

— Ethena Labs (@ethena_labs) March 28, 2024

Notably, the top 2,000 wallets eligible for the airdrop will receive 50% of their allocation and have the other 50% subject to a 6-month vesting schedule.

The remaining wallets, which are currently eligible for smaller allocations, are set to enjoy the full liquidity of airdropped tokens starting April 2.

The post Ethena Labs announces 750 million ENA airdrop for its community appeared first on CoinJournal.

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