UPDATED: April 3, 2024, 3:04 a.m. EDT
Synthetic Dollar Project Ethena has begun the claiming process for its Governance Token Airdrop (ENA), distributing 750 million tokens, which represent 5% of its total supply of 15 billion, to eligible users.
The project noted that the token will be listed on several centralized exchanges starting at 4:00 a.m. EST.
The drop comes after the “Shard Campaign,” a rewards program for early participants that allowed user engagement through referral links, rewarding them with fragments (or points). The amount of tokens each user receives is based on the total number of shards they have accumulated through April. 1.
Development company Ethena Labs supports the USDe stablecoin, also known as “internet bond” and “synthetic dollar.”
In February, it raised $14 million in a strategic funding round at a valuation of $300 million. The round was co-led by Maelstrom, the family office of Dragonfly and BitMEX founder Arthur Hayes.
Unlike conventional stablecoins, USDe uses 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 the minting and redemption of USDe, aimed at maintaining its peg to the US dollar.
In other words, it uses strategies such as staking ETH holdings (collected from USDe stablecoin minters) with Ethereum validators and simultaneously shorting the same amount of USDe futures contracts. ‘ether. This generates a yield for the protocol which is shared with stablecoin holders.
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