Ethena Labs' Airdrop Results in $2M Windfall for Major Wallet; ENA Token Declines Post-Launch
Summary:
Ethena Labs' airdrop on April 2 resulted in wallet 0xb56 receiving almost $2 million in Ethena (ENA) tokens, making it the largest recipient. The entire allocation for the airdrop, which totaled $450 million in ENA tokens, was distributed the same day. Meanwhile, the Ethena token fell by over 15% in value after trading began on major crypto exchanges. Currently, ENA controls a market capitalization of $836 million. Ethena Labs, which launched its USDe synthetic dollar in February, currently offers a yield of 35.4% to over 123,000 users.
Wallet 0xb56 became the biggest beneficiary from the Ethena Labs airdrop, garnering nearly 3.3 million Ethena (ENA) tokens, equivalent to almost $2 million, on April 2nd. Arkham Intelligence reported this finding in an X post dated April 2. Ethena Labs made a vast sum of $450 million in ENA tokens available to eligible wallets through the airdrop, which launched on April 2. On the same day, the entire allocation was distributed by 07:17 UTC.
Ethena Labs acknowledged that the full 5% of ENA had been duly allocated to the claim smart contracts in an X post. They also affirmed their commitment to providing continuous assistance for any queries regarding the claimable ENA. Once the airdrop claim page went live, prominent centralized crypto exchanges including Binance, Bybit, KuCoin, HTX, MEXC, and BitMart, initiated trading of the Ethena token at 8 am UTC.
As of 11:30 am UTC, the Ethena token's value fell over 15%, trading at $0.5824. The current market capitalization for ENA stands at $836 million, making it the 110th largest cryptocurrency according to CoinMarketCap data.
In February, Ethena Labs rolled out its USDe synthetic dollar on a public mainnet. Soon after, on March 8, it became the most profitable decentralized application (DApp) in the crypto sector by offering investors an impressive annual percentage yield (APY) of 67%. Currently, Ethena's USDe provides a yield of 35.4% to over 123,000 users, with a total value locked (TVL) of $1.6 billion. Over the last week, the market cap of USDe has gained 1.9% and surged 135% over the last month, reaching $1.58 billion.
Last week, the Ethena token was listed for farming on the Binance launch pool. However, a fake ENA token copycat caused considerable alarm when $290,000 worth of BNB was exploited on March 29. PeckShield, an on-chain security firm, confused the counterfeit token with the genuine ENA coin. No exploit impacted the authentic Ethena token.
Published At
4/2/2024 3:06:09 PM
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