Synthetic dollar project Ethena has opened up airdrop claims for its governance token (ENA), the project announced on X. This will be 5% of the total 15 billion supply, with 750 million tokens distributed to eligible users.
The project noted the token will be listed on several centralized exchanges starting at 4:00 a.m. EST.
The airdrop claim follows Ethena's participation in the shard campaign, a reward program for early participants that allows participation through a referral link.
Research and development firm Ethena Labs supports the USDe stablecoin, also referred to as an “Internet Bond” and a “synthetic dollar.”
In February, it raised $14 million in a strategic funding round at a $300 million valuation. The round was co-led by Dragonfly and BitMEX founder Arthur Hayes' family office, Maelstrom.
Unlike conventional stablecoins, USDe employs a unique mechanism that does not rely on direct fiat or asset backing. These include hedging derivative positions against collateral held by the protocol and an arbitrage system for minting and redeeming USDe, aimed at maintaining its peg to the US dollar.
In other words, it utilizes strategies like shorting ether futures and simultaneously earning yield by staking with Ethereum validators. This generates a yield for the protocol that is shared back with stablecoin holders.
