Updated: April 2, 2024, 4:28 AM EDT
Synthetic dollar project Ethena has launched an airdrop claim page for its project governance token (ENA). presentation At X. This will be 5% of the total supply of 15 billion, with 750 million tokens distributed to eligible users.
The project says the token will be listed on several centralized exchanges starting at 4 AM ET.
The airdrop claim process follows the “Shard Campaign”, a reward program for early participants who allow users to participate through a referral link.
Research and development company Ethena Labs supports the USDe stablecoin, also known as “internet bonds” and “synthetic dollars.”
It raised $14 million at a $300 million valuation in a strategic funding round last February. The round was co-led by Dragonfly and Maelstrom, the family office of BitMEX founder Arthur Hayes.
Unlike existing stablecoins, USDe uses a unique mechanism that does not rely on direct fiat or asset backing. This includes hedging derivative positions against collateral held by the protocol and an arbitrage system for minting and redeeming USDe to maintain the peg to the US dollar.
That is, it utilizes strategies such as selling Ethereum futures and simultaneously staking with Ethereum validators to make a profit. This generates revenue for the protocol that is shared back with stablecoin holders.
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