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Ethena Labs, the decentralized finance (DeFi) protocol that offers the $1.3 billion yield-earning $USDe, has opened claims for its new governance token ($ENA).
In a post on X on Tuesday, Ethena invited holders of $USDe to claim their share of the airdrop of 750 million $ENA tokens, equating to 5% of the total supply, which is set to list on centralized exchanges.
Following the commencement of the airdrop, $ENA rose over 8% to trade at around 64 cents, with a market cap of close to $500 million, according to data by CoinGecko.
Ethena plans to start a campaign with new incentives for the next phase of the airdrop, according to a blog post last week.
The $USDe token, which is referred to as a “synthetic dollar,” offers yields to investors by pairing ether liquid staking tokens with short ether (ETH) perpetual futures position in the derivatives market to maintain a “rough target” of $1 price.
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