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Ethena has initiated the declare course of for its governance token (ENA) airdrop, allocating 750 million tokens, equal to five% of its whole provide of 15 billion, to eligible members. The undertaking has introduced that the token will begin buying and selling on varied centralized exchanges, beginning at 4:00 a.m. EST.
This airdrop follows the “shard marketing campaign,” a reward initiative aimed toward early adopters, permitting consumer engagement by means of referral hyperlinks and rewarding them with shards (or factors). The variety of tokens allotted to every consumer is decided by the overall shards amassed by April 1.
Ethena Labs, the event agency behind the artificial greenback undertaking Ethena, also referred to as USDe, has been supportive of the stablecoin, known as an “Web Bond” and a “artificial greenback.” In February, Ethena Labs secured $14 million in a strategic funding spherical, valuing the undertaking at $300 million. The funding spherical was co-led by Dragonfly and Maelstrom, the household workplace of BitMEX founder Arthur Hayes.
In contrast to conventional stablecoins, USDe implements a particular mechanism that doesn’t depend on direct fiat or asset backing. As an alternative, it employs methods resembling hedging by-product positions towards collateral held by the protocol and an arbitrage system for minting and redeeming USDe, aimed toward sustaining its peg to the US greenback.
In essence, USDe makes use of strategies like shorting ether futures and incomes yield by means of staking with Ethereum validators to generate a protocol yield, which is then shared with stablecoin holders.
Featured Picture: Freepik
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