Ethena Labs announces the launch of ENA

Ethena Labs announces the launch of ENA

Ethena Labs has announced the launch of ENA tokens. Users can claim the token effective April 2, 2024. The launch of the ENA token marks the beginning of achieving the vision that Ethena Labs desires to strengthen the decentralization of its protocol. Ethena Labs has referred to the token as Internet Money, further shedding light on various aspects like Sharding Campaigns, supply details, and eligibility to claim tokens.

For starters, the Sharding Campaign that ran for six weeks ends on April 1, 2024. This is the day prior to the claim period for ENA tokens. The campaign by Ethena Labs is now one of the shortest pre-token campaigns to date.

USDe supply had reached $1.35 billion at the time of the announcement, making it 1.5 times more than the entire tokenized RWA market. It is also three times larger than the entire onchain ETH open interest for every decentralized exchange, collectively. Also, it is now the fastest USD-dominated asset to have reached $1 billion and crossed the mark in the crypto market.

The entire supply has been divided into four parts: core contributors, investors, foundations, and ecosystem development. The maximum supply share has been allocated to ecosystem development and core contributors, with both categories getting 30% each. They are followed by investors, who will be allocated 25% of the supply. Finally, the Foundation will have a share of 15%.

The vesting schedule for ENA will happen in phases, starting in the second quarter of 2024. It will conclude in the second quarter of 2028 after gaining a major acceleration in the second quarter of 2025.

Users will become ineligible for airdrop if they unstake, sell, or unlock USDe before April 1, 2024. Ethena Labs has further announced that the largest wallets will have 50% linear, pro-rata vesting in the next 6 months. In a scenario where users leave tokens unclaimed in the ecosystem, they will be re-allocated to users who have been loyal and have held the tokens during the said timeline. Users who participated in the first season and are returning to the Ethena ecosystem will receive enhanced loyalty rewards.

The official link to claim the token is Ethena Labs will activate the link on April 2, 2024, making it accessible for every eligible user. Tokens can be claimed up to 30 days from the time of the launch.

A total of 15 billion tokens will be in supply. A limit of 1.425 billion will be placed on initial circulation.

Claimed ENA can be utilized to vote on governance protocol for key measures including, but not limited to, USDe backing composition, general risk management frameworks, and DEX integrations. The second season of the campaign will immediately begin after the conclusion of the first season.

It is worth noting that ENA will only be available through the official link provided by Ethena Lab. ENA will be reallocated if eligible users do not claim them within 30 days of launch.

David Cox

David is a finance graduate and crypto enthusiast. He projects his expertise in subjects like crypto and Blockchain while writing for CryptoNewsZ. Being from Finance background, he efficiently writes Price Analysis. Apart from writing, he actively nurtures hobbies like sports and movies.

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Published at Thu, 28 Mar 2024 09:38:34 +0100

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