- The highly-anticipated Ethena Labs airdrop commenced on April 2, distributing $450 million worth of ENA tokens among eligible wallets.
The highly-anticipated Ethena Labs airdrop commenced on April 2, distributing $450 million worth of ENA tokens among eligible wallets.
According to an announcement by Ethena Labs, the entire airdrop allocation was successfully distributed by 7:17 am UTC on the same day.
The largest recipient of the Ethena Labs airdrop received a staggering sum of nearly $2 million in Ethena (ENA) tokens.
Wallet 0xb56 was the recipient of 3.3 million ENA tokens, equivalent to $1.96 million, as per on-chain data analyzed by Arkham Intelligence.
The Ethena Labs airdrop went live 2 hours ago, with $450M of ENA to distribute.
The largest $ENA recipient so far has been 0xb56, who received 3.30M ENA worth $1.96M.
Track ENA on Arkham:https://t.co/coFsTcBUCa https://t.co/RSZwXLhCB6 pic.twitter.com/l6c7bqKghG
— Arkham (@ArkhamIntel) April 2, 2024
Following the launch of the airdrop claim page, the Ethena token was immediately available for trading on major centralized cryptocurrency exchanges, including Binance, Bybit, KuCoin, HTX, MEXC, and BitMart.
See Also: Andre Cronje Raises Concerns Over Ethena Labs’ USDe Stablecoin
However, ENA initially declined in value, dropping 15%. At the time of writing, ENA gained 28% to trade at $0.8146. ENA holds a market capitalization of $1.16 billion, according to CoinMarketCap data.
It’s worth noting that Ethena Labs gained significant attention with the launch of its USDe synthetic dollar on the public mainnet back on February 19.
On March 8, the platform became the highest-earning decentralized application (DApp) in the crypto space, offering investors an impressive annual percentage yield (APY) of 67%.
Currently, Ethena’s USDe continues to attract users with its enticing 35.4% yield, which has enticed over 123,000 individuals to lock in a total value of $1.6 billion, as reported on Ethena Labs’ homepage.
Over the past month, the market capitalization of USDe has surged by 135% to reach $1.58 billion, making it the fifth-largest stablecoin, according to CoinMarketCap data.
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