Ethena's ENA Token Soars 80% Since Launch, Now a Top 100 Crypto Asset Amid Defi Buzz

Since its launch on April 2, the Ethena governance token ENA has experienced an 80% climb in value against the U.S. dollar, ascending from an all-time low of $0.532 per token. Currently, it ranks among the top 100 coins by market capitalization, boasting a total valuation of $1.36 billion at the time of reporting.

Rapid Ascent: Ethena’s ENA Price Climbs Following Airdrop

The cryptocurrency space is abuzz with discussions about Ethena’s latest governance token, ethena (ENA), which now ranks as the 74th largest digital asset by market capitalization. ENA serves as the governance token within Ethena’s decentralized finance (defi) bond system, leveraging the stablecoin USDE.

As of April 3, the defi platform has secured a total value of $1.9 billion, with USDE ranking as the fifth largest stablecoin by market cap. The distribution of ENA through an airdrop rewarded participants of Ethena’s ‘shard campaign.’

The program encouraged users to interact with the protocol in exchange for ‘shards,’ which then determined their allocation of the ENA airdrop. Currently, the circulating supply of ENA stands at 1,425,000,000, owned by 24,615 holders.

However, two addresses control 90.72% of the ENA supply, with Binance possessing the third largest share at 3.12%. Despite the wide ownership base, the top 100 addresses wield control over 99.42% of ENA, leaving a significant amount yet to be distributed.

Of the 750,000,000 ENA intended for airdrop to ‘shard’ participants, only 240,578,283, or 32%, have been claimed so far. Since its inception, Ethena’s defi protocol has drawn significant attention, with comparisons to Terra’s Anchor protocol due to its higher annual percentage yield (APY), which recently exceeded 60%.

According to Ethena’s website, the current yield stands at approximately 35.4%. There’s currently a circulating supply of 1,925,917,543 USDE after Ethena’s stablecoin saw a 170% supply increase over the past 30 days.

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