July 16, 2024

MakerDAO seizes USDe as Ethena Labs launches ENA with a 750 million airdrop.

April 02, 2024
1Min Read

Ethena Labs, the issuer of synthetic dollars, has declared the opening of claims for its new governance token, ENA.

The system, which is well-known for its yield-earning USDe currency, intends to airdrop 750 million ENA tokens to users. Five percent of the token's total supply will enter the market through the airdrop.

Through an X post, Ethena Labs made the announcement and invited users to claim the airdrop. The announcement caused an 8% increase in ENA's price. According to Coingecko data, the coin swiftly amassed a sizeable market worth of over $890 million on August 2.

The USDe token, which strives to maintain a steady value near one dollar, is the central component of Ethena's product. It does this by combining short ether (ETH) perpetual futures contracts with a special combination of ether liquid staking tokens.

This approach has drawn interest from institutional participants in the cryptocurrency space in addition to individual investors.

The creator of stablecoins, MakerDAO, has disclosed intentions to give Ethena's USDe token 600 million DAI. This transition will be made possible by Morpho Labs' defi lending mechanism.

Following the announcement of the MakerDAO relocation, Ethena's Head of Growth, Seraphim Czecker, stated that "Ethena TVL growth is on track with internal expectations."

Because of an analysis conducted by BA Labs, a member of MakerDAO's advisory council, which noted high user demand for the stablecoin, MakerDAO has faith in Ethena and USDe. The report advocated for a more significant allocation of MakerDAO's stablecoin DAI in these sectors, recommending that attention be paid to greater leverage USDe pools.

In the meantime, on April 2, Ethena began a new phase of its airdrop. It will concentrate on onboarding BTC as a supporting asset for USDe and is dubbed the "Sats" campaign. By utilizing Bitcoin perpetual futures, the project will be able to access an extra $25 billion in open interest to hedge.


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