Ethena Labs launch ENA with a 750m airdrop as MakerDAO grabs USDe

Ethena Labs, a company that creates synthetic dollars, has recently unveiled the availability of claims for their newest governance token, named ENA.

This protocol, famous for its USDe token that generates yields, plans to give away 750 million ENA tokens via an airdrop. Five percent of the entire ENA token supply will be released during this event.

Ethena Labs shared news of their token’s development through a post on Reddit, encouraging users to participate in an airdrop. Shortly after this announcement, the value of ENA tokens increased by approximately 8%. According to information from Coingecko, the market capitalization of Ethena Labs’ token surpassed $890 million on August 2nd.

The heart of Ethena’s service lies in the USDe token, which functions as a “stable-value representation of the US dollar.” This is accomplished by combining ethereum liquid staking tokens and short ethereum perpetual futures contracts.

This approach has drawn the interest of both individual and institutional investors in the cryptocurrency market.

MakerDAO, the stablecoin issuer, announced its intention to put $600 million worth of DAI into Ethana’s USDe token via Morpho Labs’ decentralized finance (DeFi) lending platform.

According to Seraphim Czecker, Ethena’s Head of Growth, the company’s TVL (Total Value Locked) growth is progressing in line with their internal projections, following the recent announcement of their collaboration with MakerDAO.

The demand from users for Ethena and USDe stablecoins, noticed by BA Labs – a part of MakerDAO’s advisory committee – was significant, leading MakerDAO to have confidence in these coins. According to BA Labs’ analysis, it would be beneficial to prioritize larger USDe pools and allocate more DAI from MakerDAO towards these areas.

At the same time, starting April 2, Ethena initiated a fresh stage of its airdrop named “Sats.” This campaign aims to attract Bitcoin (BTC) as a backing asset for USDe. By employing Bitcoin perpetual futures, Ethena will tap into an extra $25 billion in open interest for risk management purposes.

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2024-04-02 14:54