Ethena Labs Unveils Massive 750 Million ENA Airdrop for Community Empowerment!

Ethena Labs is poised to mark a significant milestone in its decentralization journey with one of the largest airdrops in the crypto market.

The Ethena Labs team has revealed that the highly anticipated ENA token airdrop is scheduled for April 2, marking the beginning of trading on crypto exchanges.

In this update, the DeFi protocol's community will receive a distribution of 750 ENA tokens, equivalent to 5% of the total supply of 15 million ENA tokens.

The ENA distribution comes after Ethena's mainnet launch in February and signifies the conclusion of the project's "Shard Campaign."

Engagement and accumulation of "shards" by users will cease on April 1, allowing the community to claim ENA tokens starting April 2.

Ethena Labs Announces USDe Airdrop Eligibility Criteria Amidst Supply Surge and Protocol Exploit Response

As outlined by Ethena Labs, eligibility for the airdrop will depend on users' accumulation of shards up to the snapshot date on April 1. Notably, the supply of the USDe stablecoin surged to over $1.38 billion during this program.

Participants must have retained their staked USDe to qualify for the airdrop. Any unstaking or selling of USDe before this date will render participants ineligible for the ENA airdrop.

However, following an exploit on the DeFi protocol Prisma Finance, a "21-day lock on the mkUSD<>USDe pool on Ethena" was lifted. The exploit resulted in the theft of over $10 million in assets, prompting the Ethena team to allow immediate fund withdrawals for users.

Ethena Labs assured users that they would not lose any shards or accrued rewards for withdrawing from this pool.

Ethena Labs Announces Airdrop Distribution: Embracing Decentralization and Community Engagement

The top 2,000 wallets eligible for the airdrop will receive 50% of their allocation upfront, with the remaining 50% subject to a 6-month vesting schedule.

On the other hand, smaller eligible wallets will enjoy the full liquidity of airdropped tokens starting April 2.

This airdrop signifies a significant move for Ethena Labs towards decentralization, fostering community engagement and participation in the project's growth.