Alongside the significant move in the DeFi sector, Ethena, the protocol that governs USDe, a $1.3 billion token, will launch its ENA governance token soon. The most important action follows on April 2nd when the project enters its new phase, facilitating the release of 750 million ENA tokens, or 5% of the entire supply, distributed among the platform’s universe of users.
Strengthening Ethena’s network through ENA airdrop initiatives
The protocol set down the entry procedure for the community members so they could partake in the airdrop while announcing that the engagement and commitment could help the platform grow.
Those looking to earn the airdrop must work on their worthiness, shown in the number of shards they collected (shards contain one’s stake and involvement in the ecosystem). The cutoff for earning shards is set for April 1, with a clear guideline:
If anyone in the community misses the date by unstaking, unlocking, or selling their USDe tokens before time fits, he/she will not be eligible for the AMAs. The distribution will be complete by listing ENA on well-established centralized exchanges, allowing new people to participate in the Ethena ecosystem.
Revolutionizing yield generation with Ethena’s innovative token strategy
On top of that, 10% of the tokens are reserved for players and sold through airdrop, both a reward for current users and a lever allowing each of them to participate in Ethena‘s governance.
Post-airdrop, the project is laying out a line of fresh incentives to keep the users hooked on the platform. Besides, the project aims to develop a stable ecosystem that is a real strength.
The success and market value of Ethena, which are directly related to its creative technology idea for business-aimed token production, are proof of this. The USDe coin, sometimes called the “synthetic dollar,” opened up the option for steady yields by forcing liquid ether (ETH) staking tokens, including Lido’s stETH, to work as the backing assets. To create such a pair, we take a position worth long ETH perpetual futures of the same amount on the derivatives’ platform, trying to set a price at $1. Derivatives yield rates are examined via the “cash and carry” trade scheme.
This business structure has exceeded the expectations of Ethena, starting with 85 million dollar value of USDe token on the first day of the year and then crossing the milestone of north of 1300 billion at the end of the year, which can be seen from the DefiLlama pricing.
The swelling results from two factors: the possibility of wonderful profits prompted by the cryptocurrency interplay and the expectation of the ENA token airdropping, which is awaited.
ENA token launch catalyzing growth and decentralization in Ethena’s future
Adding the ENA governance token to the Ethena community is significant for both Ethena and its participants. Through institutionalizing a governance architecture, the protocol is evolving to a more disintermediated and user-driven structure, in which token holders have a say and influence on the platform’s path and future.
This move is twofold. First, by definition, Ethena agrees with decentralized finance, further consolidating its position in the competitive market.
USA will focus on the token as a drive for expansion and enrichment and the governance structure to guarantee innovation, transparency, and good communal input. Smart contracts exploitation marketing campaigns are set to receive the intended spotlight from the existing DeFi contributors and new users, which will widen Ethena’s market hold in the blockchain sphere.
Ethena’s ENA token distribution via an airdrop emphasizes the dedication to communal representation and decentralized handling of the network, which the protocol has shown. With more developed functionality and integration of these features, such as increased risk management, the platform positioned itself for the DeFi space, which will inevitably spur growth and innovation.
