Ethena Labs has announced that the highly anticipated ENA token airdrop will take place on April 2, following the mainnet launch of the DeFi protocol in February. The team also revealed that trading on crypto exchanges will open on the same day.
The airdrop will distribute 750 million ENA tokens, which represent 5% of the total supply of 15 million tokens, to eligible participants of the Shard Campaign. This marks a significant step in Ethena’s decentralization journey.
The Shard Campaign, which ends on April 1, allowed users to accumulate “shards” by staking the USDe stablecoin on Ethena’s platform. Those who have held onto their staked USDe until the snapshot date on April 1 will be eligible for the ENA airdrop. However, those who unstake or sell their USDe before this date will not qualify.
It is worth noting that the recent exploit on DeFi protocol Prisma Finance resulted in a 21-day lock on the mkUSD<>USDe pool on Ethena being lifted. The Ethena team assured users that they will not lose any shards or accrued rewards for withdrawing from this pool.
The top 2,000 wallets eligible for the airdrop will receive 50% of their allocation immediately, with the other 50% subject to a 6-month vesting schedule. The remaining eligible wallets will receive their full allocation of airdropped tokens on April 2.
In order to be eligible for the airdrop, users must have accumulated shards up to the snapshot date on April 1. The distribution of ENA tokens will be based on the amount of shards held by each participant.
The airdrop eligibility and distribution process is aimed at promoting a fair and inclusive distribution of ENA tokens to the community. Ethena Labs also emphasized the importance of decentralization and community involvement in the success of the project.
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