<\/p>\n
Starting April 2, 750 million ENA or 5% of the total supply, will get airdropped.<\/p>\n
Synthetic stablecoin startup Ethena Labs<\/a> has announced it is one step closer to the holy grail of internet money.<\/p>\n After six weeks of Ethena\u2019s \u201cShard Campaign,\u201d or points system, which saw the total supply of its stablecoin, USDe, balloon to<\/a> $1.3 billion, the ecosystem is ready to begin distributing its second native token, tickered ENA.<\/p>\n Launching the ENA token, according to<\/a> the team, marks the beginning of the decentralization of the Ethena protocol.<\/p>\n Beginning April 2, ENA will be eligible for claim on the project\u2019s official claim website<\/a>, as centralized exchanges get ready for listing. On this date, the project will distribute 750 million ENA, or 5% of the total 15 billion supply.<\/p>\n <\/p>\n The 5% allocated to the airdrop will come from the overall 30% that belongs to Ecosystem Development.<\/p>\n ENA will play a pivotal role in governance, according to the team. Voting using the token will go to deciding general risk management frameworks, USDe backing composition, exchange and custodian exposure, community grants, and size of Reserve Fund, among other uses.<\/p>\n Calling it the holy grail of internet money is a lofty claim.<\/p>\n According to Guy Young, Ethena Labs\u2019 founder, the holy grail of crypto is building or attaining the status of money.<\/p>\n \u201cBTC and ETH converge to trying to become money,\u201d he told The Defiant, and that Ethena\u2019s mission\u2013and holy grail\u2013is creating their own native version of internet money.<\/p>\n For eligibility, users that stake, hold USDe in incentivized pools, LP pools, or Pendle Finance<\/a>, must leave their tokens in their respective wallets and protocols.<\/p>\n Additionally, holders of two NFT<\/a> collections\u2013SchizoPosters and Redacted Remilio Babies\u2013will receive 3% of the initial airdrop amount.<\/p>\n Ethena Labs\u2019 caused a stir<\/a> in the crypto industry on February 19 after it announced a 27% yield on its native stablecoin, USDe.<\/p>\n Double digit yield-bearing assets reminded Crypto Twitter of Terra\u2019s<\/a> UST algorithmic stablecoin, which saw its demise in early May 2022, causing a death spiral<\/a> that wiped out $50 billion in market capitalization in three days.<\/p>\n But the synthetic stablecoin<\/a> has been lauded by many for its architecture, which backs the token that is pegged to $1 with staked Ethereum, while also hedging stETH with short ETH positions on centralized exchanges. Both stETH and short positions contribute to yield that\u2019s passed on to stablecoin holders.<\/p>\n Austin Campbell, founder and managing partner of Zero Knowledge Consulting firm, said<\/a> Ethena is a \u201ctruly interesting experiment\u201d and is substituting credit risk with price risk.<\/p>\nEthena\u2019s Controversial Stablecoin USDe<\/strong><\/h2>\n