Decentralized finance (DeFi) protocol Ethena, which provides the $1.3 billion USDe token, unveiled plans Wednesday to debut its governance token by airdropping tokens to customers on April 2, in accordance with a weblog put up.
The protocol is ready to airdrop 750 million ENA tokens, or 5% of the entire provide. The marketing campaign to earn “shards,” which qualify customers for the token airdrop, will finish on April 1. Those that unstake, unlock or promote all their USDe earlier than this date won’t be eligible for the airdrop.
Customers will be capable of declare tokens beginning the subsequent day, and ENA will likely be listed on centralized exchanges, per the weblog put up. After the airdrop, Ethena will begin a marketing campaign with new incentives for the subsequent section of the airdrop.
Ethena’s USDe token, sometimes called “artificial greenback,” provides regular yields to traders by utilizing ether (ETH) liquid staking tokens comparable to Lido’s stETH as backing belongings, pairing them with an equal worth of brief ETH perpetual futures place on derivatives exchanges to maintain a “tough goal” of $1 worth. That is also referred to as a “money and carry” commerce, which harvests derivatives funding charges for a yield.
The protocol’s USDe token mushroomed lately, rising to over $1.3 billion from $85 million at first of the yr, per DefiLlama knowledge, propelled by its lofty yield on account of frothy crypto markets and in anticipation of the airdrop.
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