On April 2, Ethena Labs executed a significant airdrop event, dispensing $450 million in ENA tokens across various eligible wallets.
Notably, the largest share of this airdrop was captured by a single wallet, identified as 0xb56, which received a staggering 3.3 million Ethena tokens.
This allocation was valued at approximately $1.96 million, as per analysis from Arkham Intelligence.
This distribution was part of a broader initiative by Ethena Labs, detailed in an April 2 X post, which saw the complete allocation of a 5% $ENA share to claim smart contracts, with the team highlighting, “The full 5% of $ENA has already been distributed to the claim smart contracts.
“The core contributors will be working around the clock to support with any questions on the claimable $ENA.”
This generous airdrop was quickly followed by the listing of the Ethena token for trading on major centralized crypto exchanges such as Binance, Bybit, KuCoin, HTX, MEXC, and BitMart, starting from 8:00 am UTC.
Despite this expansion, the Ethena token experienced a decline, falling over 15% within 24 hours to a trading price of $0.5824.
Currently, ENA ranks as the 110th-largest cryptocurrency, boasting a market capitalization of $836 million, according to CoinMarketCap.
Earlier achievements of Ethena Labs include the launch of the USDe synthetic dollar on the public mainnet on February 19.
This move positioned it as the top-earning decentralized application (DApp) by March 8, offering an impressive 67% annual percentage yield (APY).
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The yield has since adjusted to 35.4%, benefiting over 123,000 users and securing a total value locked (TVL) of $1.6 billion.
The USDe market cap has witnessed significant growth, rising 1.9% in the last week and 135% over the past month to reach $1.58 billion, per DefiLlama.
Additionally, the Ethena token was recently featured for farming on Binance’s launch pool.
However, the ecosystem faced challenges, notably on March 29, when a counterfeit ENA token led to a $290,000 exploit in BNB.
This incident, initially misattributed to the authentic Ethena token by PeckShield, a security firm, underscored the vulnerabilities within the crypto space, though the real Ethena token remained uncompromised.
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