Ethena Labs' ENA Token Goes Live, Starts Trading at 64 Cents

Ethena has invited holders of USDe to claim their share of the airdrop of 750 million ENA tokens, equating to 5% of the total supply

AccessTimeIconApr 2, 2024 at 9:22 a.m. UTC
Updated Apr 2, 2024 at 9:26 a.m. UTC
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Ethena Labs, the decentralized finance (DeFi) protocol that offers the $1.3 billion yield-earning USDe, has opened claims for its new governance token (ENA).

In a post on X on Tuesday, Ethena invited holders of USDe to claim their share of the airdrop of 750 million ENA tokens, equating to 5% of the total supply, which is set to list on centralized exchanges.

Following the commencement of the airdrop, ENA rose over 8% to trade at around 64 cents, with a market cap of close to $500 million, according to data by CoinGecko.

Ethena plans to start a campaign with new incentives for the next phase of the airdrop, according to a blog post last week.

The USDe token, which is referred to as a “synthetic dollar,” offers yields to investors by pairing ether liquid staking tokens with short ether (ETH) perpetual futures position in the derivatives market to maintain a “rough target” of $1 price.

Edited by Parikshit Mishra.


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Jamie Crawley

Jamie Crawley is a CoinDesk news reporter based in London.

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