The largest Ethena airdrop recipient receives about $2M.

Ethena Labs airdropped tokens worth $450 million to participants. On April 2, around $2 million worth of Ethena (ENA) tokens were given to the biggest recipient of the Ethena Labs airdrop. Wallet 0xb56 the beneficiary of 3.3 million ENA tokens valued at $1.96 million, per the on-chain data examined by Arkham Intelligence.

The Ethena Labs airdrop went live on April 2, releasing $450 million in ENA tokens to qualified wallets. According to an Ethena Labs X post, the entire airdrop allocation has distributed by 7:17 am UTC on April 2.

“The full 5% of $ENA has already been distributed to the claim smart contracts. The core contributors will be working around the clock to support with any questions on the claimable $ENA.”

Several of the largest centralized cryptocurrency exchanges, including Binance, Bybit, KuCoin, HTX, MEXC, and BitMart, listed the Ethena token for trading around 8:00 am UTC following the launch of the airdrop claim site.

The ENA token changed hands at $0.5824 after dropping more than 15% throughout the day before 11:30 am. Based on statistics from CoinMarketCap, ENA is presently the 110th largest cryptocurrency with a market capitalization of $836 million.

Empowering Thousands of Users Worldwide

On February 19, Ethena Labs introduced the USDe synthetic currency on the public mainnet.On March 8, it climbed to the top of the cryptocurrency earnings list for decentralized applications (DApps), providing investors with a 67% annual percentage yield (APY). According to Labs’ webpage, Ethena’s USDe now offers over 123,000 customers a 35.4% income with a $1.6 billion total value locked.

DefiLlama data shows that the market capitalization of USDe increased by 1.9% over the last week and by 135% over the previous month to $1.58 billion. Last week, the Ethena coin added to the Binance launch pool for farming. 

On March 29, a fraudulent, cloned ENA token used to obtain $290,000 worth of BNB, which raised a lot of concerns. PeckShield, an on-chain security company, confused the bogus token for the actual ENA coin. There was no exploit for the actual ENA token.