Ethena Rolls Out 750 Million ENA Token Airdrop to Foster Long-Term Engagement

Ethena Rolls Out 750 Million ENA Token Airdrop to Foster Long-Term Engagement

BollywoodFever, March 30: Ethena, a decentralized finance protocol focused on creating a synthetic, dollar-pegged crypto asset, has unveiled plans to distribute 750 million of its governance tokens, ENA, through an airdrop. This initiative comes as part of its effort to reward participants of its recent shard campaign.

The platform will distribute 5% of ENA’s total supply, equivalent to 750 million tokens, based on users’ engagement in the 6-week shard operation. The amount of shards held by participants will directly influence their share of the airdrop.

In a move to encourage long-term engagement with its platform, Ethena has outlined that recipients with smaller holdings will receive their share of ENA immediately. However, the top 2000 wallet holders will be granted only 50% of their entitled ENA tokens at the time of the airdrop, with the remaining half subject to a 6-month vesting period. This contingent distribution mandates that these users maintain or exceed their holdings of USDE, Ethena’s dollar-equivalent synthetic token, as measured at the snapshot moment of the airdrop.

By implementing these measures, Ethena aims to foster sustained involvement in its ecosystem, sidelining those who might be looking for short-term gains without a genuine interest in the protocol’s future.

Additionally, Ethena is embarking on a new development stage with its sats campaign, aimed at integrating Bitcoin as a foundational asset. This initiative is expected to significantly bolster USDE’s market presence, setting a goal to escalate its market capitalization beyond $10 billion.

Since concluding its seed funding round in July, Ethena has demonstrated remarkable growth, boasting a market capitalization surpassing $1.4 billion and witnessing a circulation surge of over 180% in the past month. The ENA airdrop claim process is set to commence on April 2, remaining accessible for a duration of 30 days.

Also Read, Tether Embarks on AI Journey, Launches Global Talent Search for New Division

Bookmark and Follow us for More Business News