Ethena AirDrop: Largest Recipient Bags $2M

One of the largest recipients of the Ethena Labs airdrop received almost $2 million worth of Ethena (ENA) tokens on April 2nd. According to data analyzed by Arkham Intelligence, the recipient, identified as wallet 0xb56, obtained 3.3 million ENA tokens with a value of $1.96 million. The airdrop, which distributed $450 million worth of ENA tokens to eligible wallets, was completed by 7:17 am UTC on April 2nd. Ethena Labs announced that the full allocation of the airdrop had been distributed through claim smart contracts.

Shortly after the airdrop claim page went live, the Ethena token was listed for trading on major centralized crypto exchanges such as Binance, Bybit, KuCoin, HTX, MEXC, and BitMart at 8 am UTC. The token experienced a decrease of over 15% in value within 24 hours, trading at $0.5824. According to CoinMarketCap, ENA currently ranks 110th among cryptocurrencies with a market capitalization of $836 million.

Ethena Labs, the company behind the ENA token, had launched its USDe synthetic dollar on the public mainnet on February 19th. By March 8th, it became the highest-earning decentralized application (DApp) in the crypto industry, offering investors an annual percentage yield (APY) of 67%. Currently, Ethena’s USDe boasts a 35.4% yield and has attracted over 123,000 users, resulting in a total value locked (TVL) reaching $1.6 billion, as stated on Ethena Labs’ homepage. The market capitalization of USDe has risen by 1.9% in the past week and 135% in the past month, totaling $1.58 billion, according to DefiLlama data.

The Ethena token was recently listed for farming on the Binance launch pool. There were concerns when a fake token called ENA was exploited, resulting in the loss of $290,000 worth of Binance Coin (BNB) on March 29th. The security firm PeckShield mistakenly identified the fake token as the real ENA coin, causing alarm among users. Fortunately, there was no exploit or loss associated with the genuine Ethena token.

The Ethena Labs airdrop successfully rewarded eligible wallets with ENA tokens, with one wallet receiving approximately $2 million worth of tokens. The Ethena token faced a decline in value after being listed for trading on various exchanges. Ethena’s USDe synthetic dollar has gained significant popularity, attracting a large number of users and achieving a high total value locked. The token’s recent listing for farming on the Binance launch pool was overshadowed by concerns surrounding a fake ENA token’s exploitation. The legitimate Ethena token remained unaffected.