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Ethena Labs Airdrops $450 Million in Tokens, Largest Recipient Gets Nearly $2M

Ethena Labs airdropped $450 million in ENA tokens, with the largest recipient getting nearly $2M. Despite a price drop, ENA remains a top cryptocurrency, and Ethena's USDe offers high yields.

Massive Airdrop Distributes ENA Tokens to Participants

Ethena Labs has made headlines with its substantial airdrop, distributing $450 million worth of Ethena (ENA) tokens to participants. The largest recipient of this airdrop received a staggering 3.3 million ENA tokens, valued at nearly $2 million, according to on-chain data analyzed by Arkham Intelligence.

Airdrop Details and Token Listing

The airdrop went live on April 2, with the full allocation distributed by 7:17 am UTC. Following the airdrop, the Ethena token was listed for trading at 8:00 am UTC on major centralized crypto exchanges such as Binance, Bybit, KuCoin, HTX, MEXC, and BitMart.

Price Movement and Market Cap

Following the listing, the Ethena token experienced a 15% drop in price over 24 hours, trading at $0.5824 as of 11:30 am. Despite this, ENA holds the position of the 110th-largest cryptocurrency, with a market capitalization of $836 million, according to CoinMarketCap data.

Ethena Labs' USDe Synthetic Dollar

Ethena Labs launched its USDe synthetic dollar on the public mainnet on February 19. By March 8, it became the highest-earning decentralized application (DApp) in crypto, offering an annual percentage yield (APY) of 67%. Currently, Ethena's USDe is providing a 35.4% yield to over 123,000 users, with a total value locked (TVL) of $1.6 billion.

Growth in Market Cap and Farming Opportunity

The market cap of USDe has seen significant growth, rising 1.9% in the past week and 135% in the past month to $1.58 billion. Additionally, the Ethena token was recently listed for farming on the Binance launch pool.

Security Concerns

The airdrop and token listing were not without concerns, as a fake ENA token was exploited for $290,000 worth of BNB on March 29. However, the real Ethena token was not affected by this exploit, and the issue was clarified by on-chain security firm PeckShield.