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Ethena Labs pronounces 750 million ENA airdrop for its neighborhood

Must Read

  • Ethena Labs has introduced that the ENA airdrop is about for April 2, with buying and selling on exchanges additionally open.
  • Eligible Shard Marketing campaign individuals can be airdropped tokens amounting to 750 million, or 5% of ENA provide.

Ethena Labs is about to mark the following step in its decentralization with one of many largest airdrops within the crypto market.

The Ethena Labs group introduced that the extremely anticipated ENA token airdrop occurs subsequent week, on April 2. Buying and selling on crypto exchanges additionally opens on the day.

Per the replace, the DeFi protocol’s neighborhood will obtain a distribution of 750 ENA tokens, which characterize 5% of the overall provide of 15 million ENA tokens.

ENA distribution follows Ethena’s mainnet launch in February and marks the tip of the challenge’s “Shard Marketing campaign”.

Customers’ engagement and accumulation of “shards” ends on April 1, permitting the neighborhood to say ENA tokens from April 2.

ENA airdrop: Who’s eligible?

In keeping with an announcement from Ethena Labs, airdrop eligibility can be pegged on customers’ shards accumulation as much as the snapshot date on April 1. Throughout this program, the USDe stablecoin’s provide rose to over $1.38 billion.

Contributors should have held onto their staked USDe to qualify. Unstaking or promoting USDe earlier than this date will see individuals change into ineligible for the ENA airdrop.

Nonetheless, 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 noticed greater than $10 million in property stolen and the Ethena group acknowledged the necessity to enable customers instantly withdraw their funds.

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“Customers won’t lose any shards or accrued rewards for withdrawing from this pool,” Ethena Labs posted on X.

Notably, the highest 2,000 wallets eligible for the airdrop will obtain 50% of their allocation and have the opposite 50% topic to a 6-month vesting schedule.

The remaining wallets, that are at present eligible for smaller allocations, are set to benefit from the full liquidity of airdropped tokens beginning April 2.

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