The largest beneficiary of the Ethena Labs airdrop received a substantial amount of Ethena (ENA) tokens, totaling nearly $2 million, on April 2.
Wallet 0xb56 received 3.3 million Ethena tokens, valued at $1.96 million, as per on-chain data analyzed by Arkham Intelligence on April 2. The Ethena Labs airdrop, worth $450 million in ENA tokens, was distributed among eligible wallets.
The entire allocation of the airdrop was dispersed by 7:17 am UTC on April 2, according to an announcement by Ethena Labs. Subsequently, the Ethena token was listed for trading on major centralized crypto exchanges, including Binance, Bybit, KuCoin, HTX, MEXC, and BitMart, starting at 8:00 am UTC.
Within the first 24 hours, the Ethena token experienced a decline of over 15%, trading at $0.5824. Presently, ENA ranks as the 110th-largest cryptocurrency, boasting a market capitalization of $836 million, according to CoinMarketCap.
Ethena Labs introduced its USDe synthetic dollar on the public mainnet on Feb. 19. By March 8, it emerged as the top-earning decentralized application (DApp) in the crypto sphere, offering investors an annual percentage yield (APY) of 67%.
The USDe DApp currently entices over 123,000 users with a yield of 35.4% and a total value locked (TVL) of $1.6 billion, according to Ethena Labs’ homepage. Over the past month, the market capitalization of USDe has soared by 135%, reaching $1.58 billion.
Last week, the Ethena token was listed for farming on the Binance launch pool. However, on March 29, there was apprehension due to the exploitation of a fake ENA token, resulting in a loss of $290,000 worth of BNB. This incident led to concerns, although the real Ethena token remained unaffected by the exploit.
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