Decentralized finance protocol (DeFi) Ethena, which provides the $1.3 billion USDe token, unveiled plans on Wednesday to debut its governance token by sending tokens to customers on April 2, in response to a weblog publish.
The protocol is about to airdrop 750 million ENA tokens, or 5% of the full provide. The marketing campaign to earn “shards,” which qualify customers for the token airdrop, ends on April 1. Those that stake, unlock or promote all their USDe earlier than this date won’t be eligible for the airdrop.
Customers will be capable to declare tokens beginning the following day, and ENA will probably be listed on centralized exchanges, in response to the weblog publish. After the airdrop, Ethena will begin a marketing campaign with new incentives for the following section of the airdrop.
Ethena’s USDe token, sometimes called ‘artificial greenback’, provides secure returns to traders by utilizing ether (ETH) liquid staking tokens akin to Lido’s sETH as backup belongings, and pegging them to an equal worth of brief ETH perpetual futures positions on derivatives exchanges to take care of a “tough goal” of $1. That is also called a ‘money and carry’ commerce, the place derivatives funding charges are harvested for a return.
The protocol’s USDe token has just lately exploded, rising from $85 million at first of the yr to over $1.3 billion, in response to knowledge from DefiLlama, pushed by excessive yields from frothy crypto markets and in anticipation of the airdrop.
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