Ethena Labs ENA token activates and begins trading on major exchanges

Ethena has invited USDe holders to claim their share of the 750 million ENA token airdrop, which is equivalent to 5% of the total supply.

Ethena Labs, the decentralized finance protocol offering USDe with a yield of $1.3 billion, has opened claims for its new governance token ENA

Following the start of the airdrop, ENA rose more than 151% to trade at around 75 cents, already having a market capitalization of $1.088 billion.

How was Ethena born?

Ethena Protocol is an innovative financial framework that originated from a vision that Arthur shared in early 2023 through his blog post titled “Dust on Crust.” Their concept was to create a synthetic dollar native to cryptocurrencies using Bitcoin as collateral and participating in a short position in perpetual swaps.
This method, prior to the arrival of stablecoins, takes advantage of derivatives within the cryptocurrency market to bypass traditional financial infrastructures.

Inspired by Arthur's vision, Guy took the initiative to assemble a team and begin development of the Ethena Protocol.

What is Ethena Labs?

Ethena Labs is a DeFi project whose goal is to create the first crypto-native stablecoin with yield, USDe. They also want to revolutionize Ethereum (ETH) by turning it into a yield-generating asset.

What is the USDe token?

The USDe token, which is known as a “synthetic dollar,” offers investors returns by combining ethereum liquid staking tokens with a short ethereum perpetual futures (ETH) position in the derivatives market to hold a “coarse target.” priced at 1 dollar.

It is backed by Arthur Hayes, Binance Labs, OKX Ventures, Bybit, and Deribit.

Disclaimer
This article is NOT financial advice, I am not a financial advisor.
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