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Ethena Labs plans to distribute 750 million governance tokens to holders on April 2. In a statement on Wednesday, Ethena Labs said the decentralized finance (DeFi) protocol will distribute 750 million ENA tokens to users who hold "shards." These "shards" are numerical units that measure a user's level of interaction with the protocol. The airdropped tokens account for 5% of the overall 15 billion ENA supply.
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The tokens will be issued to users who hold USDe, the protocol’s “synthetic U.S. dollar.” USDe is pegged to the U.S. dollar.
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According to a statement from Ethena Labs, ENA tokens will be airdropped to eligible participants on April 2 and will be available on centralized cryptocurrency exchanges (CEXs). The number of airdrops for each user depends on the amount they have accumulated through "shards" before April 1st. Users must stake or otherwise hold their USDe in the Ethena protocol to receive free tokens, the statement said.
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Ethena Labs’ airdrop follows the Ethena Shard Campaign, a six-week campaign that asked cryptocurrency enthusiasts to collect “shards” by performing activities on the Ethena protocol. According to Ethena Labs, USDe’s supply reached $1.3 billion during the event, becoming the first U.S. dollar-denominated asset to surpass $1 billion in supply.
