Ethena will airdrop 750 million ENA tokens on April 2nd.

Ethena Labs, the issuer of decentralized stablecoin USDe collateralized by ETH, has announced an upcoming token distribution event. They will airdrop 750 million governance tokens, ENA, on April 2nd.

Specifically, Ethena Labs will distribute 750 million ENA tokens to holders of shards—reward points that the project has been implementing since February. The snapshot of balances for this distribution was taken on March 26th.

The ENA token claiming portal will open one day before the airdrop event, with users given 30 days to claim their tokens. Any unclaimed tokens will be allocated back to the community. ENA will also be listed on major exchanges on April 2nd.

To ensure fairness between retail users and whales, Ethena will enforce a locking mechanism on 50% of tokens for the top 2,000 wallets with the highest shard scores, gradually unlocking the remainder over the next 6 months.

It's important to note that to be eligible for the April 2nd airdrop, users must maintain and lock their USDe balances so that they do not fall below the snapshot level from March 26th.

ENA is an ERC-20 token on the Ethereum blockchain, with a total supply of 15 billion ENA and an initial circulating supply of 1.425 billion. In addition to the 750 million tokens airdropped to users, the project will unlock 675 million tokens for its Foundation fund to support further development plans.

Team development funds and investor tokens will begin unlocking from Q1 2025 onwards.

ENA holders will have governance rights in the project, including voting on risk monitoring mechanisms, collateral asset additions for USDe, new product developments, and adjustments to fund allocation ratios.

Furthermore, Ethena has announced plans to continue its rewards program with Phase 2, known as the Sats Campaign. This initiative aims to incentivize users to use BTC as collateral for the USDe stablecoin. The Sats Campaign will run from April 2nd to September 2nd, or until the total supply of USDe reaches $5 billion. Participants in this program will receive rewards similar to the Shard Campaign.

Following just 6 weeks of the Shard Campaign, Ethena has declared itself one of the largest decentralized stablecoins, with a market capitalization exceeding $1.3 billion. Additionally, its short ETH positions have generated $4 million in funding rate revenue within the first week.

Ethena's unique model addresses the risk associated with holding ETH and ETH liquid staking tokens as collateral. By establishing a short ETH position on CEX platforms, matched with delta hedging strategies, ETH received serves as collateral for USDe stablecoins. Holders of locked versions of USDe, known as sUSDe, benefit from ETH staking yields and funding rate revenues from the short ETH position on CEX platforms. Currently, holders of sUSDe are earning an APR of over 30%, according to Ethena's website.

In February, Ethena successfully raised $14 million in funding rounds with participation from major investors like Dragonfly and Maelstrom, bringing their total funds raised to $20 million. The current project valuation stands at $300 million.