Who Wants To Be An Ethena (ENA) Millionaire?

Ethena ENA airdrop
Ethena ENA airdrop

YEREVAN (CoinChapter.com) — On April 2, the Ethena Labs airdrop made a notable transaction, awarding its largest recipient nearly $2 million in Ethena (ENA) tokens.

Ethena Airdrop: Wallet 0xb56 Nets $1.96 Million in Tokens

Arkham Intelligence conducted an analysis and identified the fortunate recipient by the wallet address 0xb56, allocating them 3.3 million Ethena tokens. They shared their findings in an X post on the same day, revealing that the allocation was valued at $1.96 million.

Athena Labs airdrop, wallet forensics. Source: Arkham Intelligence
Athena Labs airdrop, wallet forensics. Source: Arkham Intelligence

Ethena Labs rolled out its crypto airdrop on April 2, generously distributing ENA tokens valued at $450 million across various eligible wallets.

They announced in an X post that they had completed the full distribution of the airdrop allocation by 7:17 am UTC on April 2.

Ethena Labs' Complete Airdrop Notification - Twitter Announcement
Ethena Labs‘ Complete Airdrop Notification

“The full 5% of $ENA has already been distributed to the claim smart contracts. The core contributors will be working around the clock to support with any questions on the claimable $ENA.”

ENA’s Market Debut: A Surge, Then a Dip – What Lies Ahead?

Ethena tokens hit the trading floors of major centralized cryptocurrency exchanges like Binance, Bybit, KuCoin, HTX, MEXC, and BitMart at 8:00 am UTC, right after the airdrop claim page went live.

In the 24 hours prior to 11:30 am, the Ethena token’s value took a hit, dropping more than 15% to trade at $0.5824. As of the latest data from CoinMarketCap, ENA ranks as the 110th-largest cryptocurrency, boasting a market capitalization of $836 million.

ENA/USDT, 15-minute chart. Source: CoinMarketCap
ENA/USDT, 15-minute chart. Source: CoinMarketCap

Ethena Labs unveiled its USDe synthetic dollar on the public mainnet on February 19. By March 8, it soared to the top spot as the highest-earning decentralized application (DApp) in the cryptocurrency space, tempting investors with an annual percentage yield (APY) of 67%.

USDe Yield Surges, Ethena Weathers Copycat Storm

Ethena’s USDe is now providing a yield of 35.4% to its community of over 123,000 users. With a total value locked (TVL) of $1.6 billion, this information is proudly showcased on the homepage of Ethena Labs.

Over the past week, the market capitalization of USDe has climbed by 1.9%, and it surged by 135% in the last month, reaching $1.58 billion, as reported by data from DefiLlama.

Last week, Binance included the Ethena token in its launch pool for farming, opening up new opportunities for token holders to earn rewards.

The community expressed concerns when swindlers used a fraudulent copy of the ENA token to steal $290,000 in BNB on March 29. The on-chain security firm PeckShield initially confused this fake token for the genuine ENA coin. Fortunately, the authentic Ethena token remained secure and unscathed by the exploit.

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