2024-04-03
Ethena Labs, a prominent player in the cryptocurrency space, recently made headlines with their generous airdrop event. The company distributed a staggering $450 million worth of tokens to participants, creating a buzz of excitement and anticipation within the crypto community.
One fortunate individual emerged as the largest beneficiary of the Ethena Labs airdrop, receiving nearly $2 million worth of Ethena (ENA) tokens. This recipient, identified by the wallet address 0xb56, obtained 3.3 million ENA tokens, valued at an impressive $1.96 million.
The authenticity of this information was confirmed by on-chain data analyzed by Arkham Intelligence in an April 2 post.
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The eagerly awaited Ethena Labs airdrop commenced on April 2, as the company dispersed the $450 million worth of ENA tokens among eligible wallets. Within a short span of time, by 7:17 am UTC on the same day, the entire airdrop allocation had been successfully distributed. Ethena Labs shared an informative post, stating, "The full 5% of $ENA has already been distributed to the claim smart contracts.
The core contributors will be working around the clock to assist with any inquiries regarding the claimable $ENA."
As the airdrop claim page went live, the Ethena token made its debut on major centralized crypto exchanges such as Binance, Bybit, KuCoin, HTX, MEXC, and BitMart.
Trading of the token began at 8:00 am UTC, marking an exciting milestone for Ethena Labs and its community.
However, in the 24-hour period leading up to 11:30 am, the value of the Ethena token experienced a decline of more than 15%, settling at $0.5824 per token. Currently, ENA stands as the 110th-largest cryptocurrency with a market capitalization of $836 million, according to CoinMarketCap data.
Ethena Labs has been making significant strides in the crypto industry. The company successfully launched its USDe synthetic dollar on the public mainnet on February 19, garnering attention and becoming the highest-earning decentralized application (DApp) in the crypto sphere. Offering an impressive annual percentage yield (APY) of 67%, Ethena's USDe has attracted over 123,000 users and secured a total value locked (TVL) of $1.6 billion.
The market capitalization of USDe has been on a steady rise, experiencing a 1.9% increase within the past week and an astounding 135% increase over the past month. This growth has propelled the market capitalization of USDe to reach $1.58 billion, according to DefiLlama data. These figures highlight the growing popularity and success of Ethena Labs' USDe synthetic dollar.
In an effort to provide further opportunities for users, the Ethena token was listed for farming on the Binance launch pool last week. This move has allowed users to engage with the token in new and exciting ways, potentially increasing its utility and value within the crypto market.
While Ethena Labs has been enjoying success, a worrisome incident occurred on March 29.
A fake ENA token was exploited, resulting in a loss of $290,000 worth of Binance Coin (BNB). On-chain security firm PeckShield mistakenly identified the fake token as the genuine ENA coin. Fortunately, the real Ethena token remained unaffected by this exploit, ensuring the integrity and security of the project.
