Ethena distributed an airdrop of $450 million worth of tokens

The largest recipient of the Ethena Labs airdrop received nearly $2 million worth of Ethena (ENA) tokens on April 2.

The recipient, wallet 0xb56, received 3.3 million ETH tokens worth $1.96 million, according to online data analyzed by Arkham Intelligence in its April 2 X post.

Ethena Labs' airdrop program went live on April 2, distributing $450 million worth of ENA tokens to eligible wallets.

According to an X post by Ethena Labs, the entire airdrop allocation was distributed by 7:17 a.m. UTC on April 2.

“A full 5% of $ENA has been distributed to claiming smart contracts. Core contributors will work around the clock to answer any questions $ENA may have.”

After the airdrop request page went live, the Ethena token was listed for trading at 8:00 a.m. UTC on some of the largest centralized cryptocurrency exchanges, including Binance, Bybit, KuCoin, HTX, MEXC and BitMart.

The token was down more than 15% in the 24 hours as of 11:30 a.m. at $0.5824. ENA is currently the 110th largest cryptocurrency with a market capitalization of more than $800 million, according to CoinMarketCap data.

According to Ethena Labs' homepage, Ethena's USDe is currently yielding 35.4% for more than 123,000 users, with a total value locked (TVL) of 1.6 billion USD.

According to DefiLlama data, USDe's market capitalization increased 1.9% over the past week and 135% over the past month to $1.58 billion.
Ethena (ENA) – this is an LSD (Liquid Staking Derivative) protocol developed based on Ethereum.

Ethena provides a cryptocurrency solution that does not depend on traditional banking system infrastructure, supporting increased profits for users through USDe - this is Ethena Labs' synthetic dollar.

Ethena products

Ethena's main product is USDe, an ERC-20 token.
Ethena's synthetic dollar, USDe, will ensure stable value and generate profits for holders through the use of delta-hedging.
USDe will be fully supported transparently onchain and can be freely composed across DeFi.
The stability of the USDe exchange rate is ensured through the use of derivatives based on the delta-heding mechanism.
Users can mint USDe by mortgaging LSTs (Liquid Staking Tokens) such as stETH...using USDe for activities such as earning profits through Internet Bond.
When officially released, users can:
·      Access external AMM pools to buy or sell USDe with stablecoin collateral such as USDT or USDC
·      Mint direct USDe, deposit stETH collateral and receive USDe
·      Directly exchange USDe, send USDe and receive stETH
·      Stake and unstake USDe