-
Ethena’s
ENA
governance
tokens
will
be
distributed
to
users
who
hold
the
protocol’s
“synthetic
dollar”
USDe,
and
they
will
start
trading
on
exchanges
on
April
2. -
USDe
grew
to
$1.3
billion
from
$85
million
at
the
start
of
this
year,
bolstered
by
its
high
yield
and
anticipation
of
the
airdrop.
Decentralized
finance
(DeFi)
protocol
Ethena,
which
offers
the
$1.3
billion
USDe
token,
unveiled
plans
Wednesday
to
debut
its
governance
token
by
airdropping
tokens
to
users
on
April
2,
according
to
a
blog
post.
The
protocol
is
set
to
airdrop
750
million
ENA
tokens,
or
5%
of
the
total
supply.
The
campaign
to
earn
“shards,”
which
qualify
users
for
the
token
airdrop,
will
end
on
April
1.
Those
who
unstake,
unlock
or
sell
all
their
USDe
before
this
date
will
not
be
eligible
for
the
airdrop.
Users
will
be
able
to
claim
tokens
starting
the
next
day,
when
ENA
will
be
listed
on
centralized
exchanges,
per
the
blog
post.
After
the
airdrop,
Ethena
will
start
a
campaign
with
new
incentives
for
the
next
phase
of
the
airdrop.
Ethena’s
USDe
token,
often
referred
to
as
“synthetic
dollar,”
offers
steady
yields
to
investors
by
using
ether
(ETH)
liquid
staking
tokens
such
as
Lido’s
stETH
as
backing
assets,
pairing
them
with
an
equal
value
of
short
ETH
perpetual
futures
position
on
derivatives
exchanges
to
keep
a
“rough
target”
of
$1
price.
This
is
also
known
as
a
“cash
and
carry”
trade,
which
harvests
derivatives
funding
rates
for
a
yield.
The
protocol’s
USDe
token
mushroomed
recently,
growing
to
over
$1.3
billion
from
$85
million
at
the
start
of
the
year,
per
DefiLlama
data,
propelled
by
its
lofty
yield
due
to
frothy
crypto
markets
and
in
anticipation
of
the
airdrop.