Ethena Labs is preparing to airdrop 750 million ENA governance tokens (5% of the total supply of 15 billion) to holders of “Shards,” or digital units that measure user engagement with the protocol.
Tokens will be transferred to users holding USDe, the protocol's “synthetic dollar” pegged to the US currency.
On April 2, ENA tokens will be distributed to qualified participants and available on centralized cryptocurrency exchanges (CEX). The size of each user's airdrop depends on the amount of “Shards” they have accumulated until April 1. Users must stake USDe or hold on the Ethena protocol to receive free tokens.
The Ethena Labs airdrop comes on the heels of the Ethena Shard Campaign, a six-week event that tasked crypto enthusiasts with collecting “Shards” by performing operations on the Ethena protocol.
During the event, USDe supply reached $1.3 billion, making it the fastest USD-pegged asset to exceed $1 billion, according to Ethena Labs.
The airdrop also comes after investors pumped $20.5 million into Ethena Labs over the past year in two funding rounds. These rounds included participation from Galaxy Digital, OKX, Dragonfly, Binance Labs, and Bybit, among other investors, bringing the protocol's valuation to $300 million.
