Ethena Labs Launches New ENA Token

Ethena Labs announced the launch of its new governance token known as ENA along with the launch of a new airdrop campaign.

The project has announced that it will carry out the distribution of 750 million ENA tokens, representing 5% of the token's total supply.

This airdrop is intended to compensate for the community’s involvement and is directed to the holders of “shards.” Those are indicative of users’ participation in the Ethena protocol.

For the airdrop, the holder’s USDe must be secured or enclosed in the Ethena environment. The unshelled delivery of ENA tokens is planned for April 2, and afterwards, these tokens will be accessible for trading at centralized cryptocurrency trades.

Ethena Labs has been on a successful fundraising trajectory, securing $20.5 million over the past year through two funding rounds, leading to a valuation of $300 million for the token maker.

The company's growth is backed by notable investors such as Galaxy Digital, OKX, Dragonfly, Binance Labs, and Bybit.

During the conclusion of the Ethena Shard Campaign, where crypto lovers continued for like six weeks with the hardening of earning shards under the Ethena protocol policy.

In that case, USDe’ supply attained more than $1.3 billion worth of value, making it the quickest USD-denoted rallying point ever to get to a value above $1 billion, depending on information from Ethena Labs .

Pavel Zavadskii, founder of Biqutex said:

"This project is a game changer in the stablecoin market due to its strategy that returns more than 10% APY , says Pavel Zavadskii, the founder of Biqutex crypto derivatives exchange.The main thing is that the income is distributed among USDe stakers, unlike centralized stablecoins, who invest dollars and do not share their income with token holders. To securely store funds, Ethena, like our crypto derivatives exchange Biqutex, uses licensed custodians such as Cobo, Copper and CEFFU."

The launch of ENA and the airdrop campaign come at a time when MakerDAO, another prominent player in the DeFi space, has made strides with its USDe stablecoin.

The competition in the DeFi sector is heating up, with protocols vying for market dominance through innovative strategies and community-focused initiatives. Ethena Labs' latest move is a testament to the vibrant and dynamic nature of the cryptocurrency market.

It is important to note that Ethena Labs, the company behind this campaign, is a forward-looking entity in the decentralized finance space.

Ethena Labs is one of the innovative developers of financial tools on the Ethereum blockchain that has created a synthetic dollar protocol encapsulated to a stablecoin, USDe, that produces a yield and is decentralized and thereby ‘backs’ it with dollars.

The platform's approach to generating yield is multifaceted, involving staking ether to a validator to earn a return on the capital, as well as capturing funding rates through shorting ether futures.