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Ethena Labs Launches ENA Tokens
Ethena Labs has unveiled its latest offering, the ENA tokens, with users able to claim these tokens starting on April 2, 2024. This launch signifies the initial step towards realizing Ethena Labs’ vision of bolstering the decentralization of its protocol. Referred to as “Internet Money,” the ENA token introduces key elements such as Sharding Campaigns, supply specifics, and eligibility criteria for token claiming.
The Recent Sharding Campaign
The Sharding Campaign, which ran for six weeks, wrapped up on April 1, 2024, setting the stage for users to acquire ENA tokens. This campaign stands out as one of the briefest pre-token campaigns in recent memory, underscoring Ethena Labs’ commitment to a streamlined process.
Impressive Supply Figures
At the time of the announcement, USDe supply had surged to $1.35 billion, surpassing the tokenized RWA market by 1.5 times. Furthermore, this figure is thrice the size of the total onchain ETH open interest across all decentralized exchanges. USDe has also made history by becoming the fastest USD-dominated asset in the crypto realm to reach $1 billion.
The allocation of the total supply breaks down into four main categories: core contributors, investors, foundations, and ecosystem development. Ecosystem development and core contributors each command a 30% share, followed by investors at 25%, with the Foundation holding the remaining 15%.
Vesting Schedule Details
The vesting schedule for ENA spans multiple phases, commencing in the second quarter of 2024 and culminating in the second quarter of 2028, gathering momentum notably in the second quarter of 2025.
Participants risk forfeiting their eligibility for the airdrop if they unstake, sell, or unlock USDe prior to April 1, 2024. Notably, larger wallets will undergo a 50% linear, pro-rata vesting over the following six months.
In a bid to incentivize user loyalty, unclaimed tokens within the ecosystem will be redistributed to steadfast users who held onto their tokens during the specified timeframe. Returning users who engaged in the inaugural season will receive enhanced loyalty rewards.
Claim Your Tokens
The official link to claim ENA tokens is ethena.fi, set to go live on April 2, 2024, facilitating seamless access for eligible users. Token claiming will remain open for 30 days from the launch date.
A total of 15 billion tokens will be in circulation, with an initial limit of 1.425 billion units. Claimed ENA tokens empower users to partake in governance protocol decisions regarding USDe backing composition, risk management frameworks, DEX integrations, and more.
Following the conclusion of the first campaign season, the second season will promptly kick off, beckoning users to embark on a new wave of participation. It’s essential to note that ENA tokens are exclusively available through the official link provided by Ethena Labs, with unclaimed tokens subject to reallocation after the 30-day window.
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