The Block Crypto News9 minutes ago

Published on March 27, 2024 22:56 GMT+00:00edited on March 27, 2024 23:01 GMT+00:00

Ethena Labs is gearing up to airdrop 750 million of its governance tokens on April 2. 

The decentralized finance (DeFi) protocol will distribute the 750 million ENA tokens to holders of “shards,” or digital units measuring users’ engagement with the protocol, Ethena Labs said Wednesday in a statement. The airdropped tokens represent 5% of the total 15 billion ENA supply. 

The tokens will go to users who hold the USDe, the protocol's "synthetic dollar" pegged to the U.S. currency.  

According to Ethena Labs' statement, the ENA token will be airdropped to eligible participants on April 2 and become available on centralized cryptocurrency exchanges (CEXs). The size of each user's drop is determined by the amount of "shards” they accrue through April 1. The statement …