Ethena Concludes Shard Campaign with TGE and Airdrop, ENA Soars on Pre-Markets

Ethena's governance token, ENA, is set to launch today with immediate listings on Binance and Bybit. The total supply is 15 billion, with 1.425 billion circulating initially. An airdrop of 5% of the supply will be distributed to participants in the shard campaign. Pre-market prices on various platforms range from 0.645 to 0.687 USD per token. ENA holders will have governance rights over protocol parameters, including the sats campaign and shard campaign season 2.

Ethena's Shard Campaign Culminates with TGE and Airdrop

After a highly successful 6-week run, Ethena's inaugural Shard Campaign concludes today, marking a pivotal moment in the project's evolution. Tomorrow, April 2nd, eligible users can claim their ENA tokens at https://claim.ethena.fi/.

Immediate T1 CEX Listings and Pre-Market Prices

In a testament to the project's high anticipation, Ethena's governance token, ENA, will enjoy immediate listings on tier-1 centralized exchanges (CEXs) upon its Token Generation Event (TGE). Binance and Bybit have already announced launchpools where users can earn ENA by staking USDT and ENA or BNB, respectively.

Ahead of the TGE, ENA is actively trading on various pre-markets, providing insights into market sentiment. As of press time, the following prices prevail:

• Bybit Pre-Market: 0.678 USDT
• Whales Market: 0.679 USD
• Kucoin: 0.687 USDT
• Aevo: 0.645 USD

It is important to note that these pre-market prices are based on limited volumes and should be interpreted with caution.

ENA Distribution and Release Schedule

Ethena's token distribution and release schedule outlines the allocation of the total supply of 15 billion ENA tokens:

• Total Supply: 15 billion
• Initial Circulating Supply: 1.425 billion
• Core Contributors: 30% of total supply, with a 1-year cliff, 25% cliff and 3-year linear monthly vesting schedule.
• Investors: 25% of total supply, with a 1-year cliff, 25% cliff and 3-year linear monthly vesting schedule.
• Foundation: 15% of total supply, reserved for funding further development.
• Ecosystem Development: 30% of total supply, including 5% allocated to the ENA airdrop.

It is noteworthy that neither the Core Contributor nor the Investor allocations will be unlocked before the 1-year cliff.

Tokenomics Analysis

Ethena's tokenomics align with industry best practices, featuring a balanced distribution among various stakeholders:

• 45% Team Allocation: This allocation supports the core team responsible for Ethena's development and execution.
• 70% Insider Allocation: Including both the team allocation and the investor allocation, this ensures sufficient funding and alignment of interests.
• 30% Ecosystem Development: This allocation fuels the growth and adoption of the Ethena ecosystem.

ENA Airdrop

A total of 750 million ENA tokens have been allocated for the airdrop, with 4% (30 million ENA) reserved for Milady, Remilio, and Schizoposter NFT holders. The remaining 720 million ENA will be distributed proportionally to Shard Campaign participants, equating to approximately 501 shards per ENA token.

Based on the average pre-market price of roughly $0.672, each shard is valued at approximately $0.001341, assuming a linear distribution.

ENA Utility

As a governance token, ENA empowers holders to actively participate in shaping the future of the Ethena protocol. ENA holders will have voting rights on proposals related to:

• Sats Campaign
• Shard Campaign
• Protocol Upgrades

Sats Campaign: Season 2

The second season of the Shard Campaign, known as the Sats Campaign, commences immediately after the TGE. This campaign aims to integrate Bitcoin (BTC) as a backing asset for Ethena's USDe stablecoin. It will run until September 2nd or until the USDe supply reaches $5 billion.

Conclusion

Ethena's successful Shard Campaign and upcoming TGE represent a major milestone in the project's journey. With strong market anticipation, immediate T1 CEX listings, and a well-defined token distribution and utility, ENA is poised to play a significant role in the evolving decentralized finance landscape. As the project continues to execute its ambitious roadmap, ENA holders can anticipate an active and rewarding governance process that will shape Ethena's future.