Ethena Labs’ ENA Token Goes Live, Starts Trading at 64 Cents

Ethena Labs, the decentralized finance (DeFi) protocol that offers the $1.3 billion yield-earning USDe, has opened claims for its new governance token (ENA).

In a post on X on Tuesday, Ethena invited holders of USDe to claim their share of the airdrop of 750 million ENA tokens, equating to 5% of the total supply, which is set to list on centralized exchanges.

Following the commencement of the airdrop, ENA rose over 8% to trade at around 64 cents, with a market cap of close to $500 million, according to data by CoinGecko.

Ethena plans to start a campaign with new incentives for the next phase of the airdrop, according to a blog post last week.

The USDe token, which is referred to as a “synthetic dollar,” offers yields to investors by pairing ether liquid staking tokens with short ether (ETH) perpetual futures position in the derivatives market to maintain a “rough target” of $1 price.