On April 2, the largest recipient of the Ethena Labs airdrop was awarded approximately $2 million worth of Ethena (ENA) tokens. According to data analyzed by Arkham Intelligence, wallet 0xb56 received 3.3 million ENA tokens, equivalent to $1.96 million. The airdrop, which distributed $450 million worth of ENA tokens, was fully allocated by 7:17 am UTC on the same day. Following the launch of the airdrop claim page, the Ethena token began trading on major centralized crypto exchanges such as Binance, Bybit, KuCoin, HTX, MEXC, and BitMart at 8:00 am UTC. However, within 24 hours, the Ethena token experienced a 15% decrease in value, trading at $0.5824. Currently, ENA ranks as the 110th-largest cryptocurrency with a market capitalization of $836 million, according to CoinMarketCap.
In other news, Ethena Labs launched its USDe synthetic dollar on the public mainnet on February 19. On March 8, it became the highest-earning decentralized application (DApp) in the crypto industry, offering investors an annual percentage yield (APY) of 67%. Currently, USDe provides a 35.4% yield to over 123,000 users, with a total value locked (TVL) of $1.6 billion, as stated on Ethena Labs’ homepage. The market capitalization of USDe has risen by 1.9% in the past week and 135% in the past month, reaching $1.58 billion, according to DefiLlama data.
Last week, the Ethena token was listed for farming on the Binance launch pool. However, on March 29, concerns arose when a fake ENA token was exploited for $290,000 worth of BNB. PeckShield, an on-chain security firm, mistakenly identified the fake token as the real ENA coin. Fortunately, the genuine Ethena token did not suffer any exploitation.
In related news, there has been speculation about the potential price of Bitcoin, with a new prediction suggesting a cycle top at $180K.