Artificial greenback issuer Ethena Labs has introduced the launch of claims for its new governance token ENA.
The protocol, identified for its yield-earning USDe token, is seeking to distribute 750 million ENA tokens by means of an airdrop. The airdrop will see 5% of the token’s whole provide movement into the market.
Ethena Labs introduced the event through an X post, inviting customers to assert the airdrop. Following the announcement, the worth of ENA jumped 8%. The token shortly garnered a substantial market cap of over $890 million on Aug. 2, per Coingecko information.
On the core of Ethena’s providing is the USDe token, designed as a “artificial greenback” that goals to keep up a steady worth shut to 1 greenback. It achieves this by means of a novel mix of ether liquid staking tokens and brief ether (ETH) perpetual futures positions.
This technique has not solely attracted particular person buyers but additionally caught the eye of institutional gamers inside the cryptocurrency area.
Stablecoin issuer MakerDAO has revealed plans to allocate 600 million DAI to Ethena’s USDe token. This transfer will probably be facilitated by means of the defi lending protocol Morpho Labs.
“Ethena TVL development is on monitor with inner expectations,” said Seraphim Czecker, Ethena’s Head of Progress, after asserting the MakerDAO transfer.
MakerDAO’s religion in Ethena and USDe stems from an analysis by BA Labs, a part of MakerDAO’s advisory council, which noticed sturdy person demand for the stablecoin. The evaluation advisable specializing in greater leverage USDe swimming pools, advocating for a extra appreciable allocation of MakerDAO’s stablecoin DAI in these areas.
In the meantime, Ethena has additionally launched a new phase of its airdrop on April 2. Dubbed the “Sats” marketing campaign, it is going to give attention to onboarding BTC as a backing asset for USDe. The undertaking will leverage BTC perpetual futures, giving it entry to a further $25bn of open curiosity to hedge.