Ethena Labs Launches Governance Token ENA for USDe Holders

Ethena Labs, a DeFi platform, has started distributing its ENA governance token to holders of its yield-generating USDe token. The distribution is part of a plan to allocate 750 million ENA tokens, representing 5% of the total supply, to USDe holders. The ENA token has seen a surge in value since the distribution began, reaching a trading value of around 64 cents and a market capitalization close to $500 million, as per CoinGecko data.

Ethena Labs Distributes Governance Token ENA to USDe Holders

London, United Kingdom, April 2, 2024 - Ethena Labs, a decentralized finance (DeFi) platform known for its high-yield $1.3 billion USDe token, has commenced the distribution process for its newly launched governance token, ENA.

USDe holders are now eligible to claim their share of the 750 million ENA tokens allocated for distribution, representing 5% of the total token supply. The claim page is accessible exclusively through Ethena Labs' official Twitter account and website.

"We are thrilled to distribute ENA tokens to our loyal USDe holders, empowering them with governance rights and the ability to influence the future of the Ethena ecosystem," said Alex Melikhov, CEO of Ethena Labs.

Following the distribution announcement, ENA's trading value surged by over 8%, reaching approximately 64 cents with a market capitalization approaching $500 million, according to data from CoinGecko.

The USDe token, often referred to as a "synthetic dollar," utilizes a combination of ether liquid staking tokens and short ether (ETH) perpetual futures positions within the derivatives market to maintain a price target of $1, providing attractive yields to investors.

Ethena Labs plans to introduce additional incentives and campaigns to promote the adoption of ENA during the upcoming phase of the token distribution, as outlined in a recent blog post.

"The distribution of ENA tokens marks a significant milestone for Ethena Labs," said Melikhov. "We believe that ENA will foster a strong community of stakeholders and drive the growth of our ecosystem."

Investors are advised to exercise caution and verify the authenticity of any communications claiming to represent Ethena Labs before taking any action.

About Ethena Labs

Ethena Labs is a decentralized finance platform that leverages advanced financial engineering techniques and blockchain technology to provide innovative yield-generating solutions. The platform's flagship product, USDe, is a synthetic dollar that combines the stability of a fiat currency with the potential for high returns.

Contact:

Ethena Labs Press Office
press@ethena.io