Ethena Token ENA Airdrop Initiated! MakerDAO Invests 600 Million in USDe Proposal

Stablecoin issuer Ethena has recently been a hot topic, with its governance token “ENA” airdrop set to commence today (4/2). It has also been reported that decentralized stablecoin protocol MakerDAO is considering allocating $600 million worth of stablecoin DAI to USDe and leveraging the DeFi lending protocol Morpho Labs to collateralize USDe.

Focused on developing a stablecoin issuer that does not rely on traditional finance, Ethena issues the stablecoin USDe, which hedges price risks using user collateral (ETH) and maintains its peg to the US dollar through perpetual contracts and Delta hedging, ensuring that the returns or losses of any asset are offset.

According to its website, Ethena’s collateral includes stETH, WBETH, mETH, ETH, and 27% USDT. The current total locked value is $1.56 billion, with an annualized return rate of up to 35.4%. This accounts for approximately 1.74% of the total Ethereum stablecoin supply.

According to MakerDAO’s proposal, it suggests allocating $600 million worth of DAI to USDe, with the potential for further expansion as Ethena develops. Given that USDe currently has a total locked value of $1.56 billion, MakerDAO’s $600 million investment will significantly increase the supply of USDe.

Seraphim Czecker, the development lead of Ethena, mentioned on X that although the proposal is still in its early stages, if confirmed by the MakerDAO community, it will lead to “internal expectations” of Ethena’s total locked value growth.

Ethena will initiate an airdrop of its governance token “ENA” today (4/2). A total of 750 million ENA tokens, accounting for 5% of the total supply, will be airdropped. The claiming website can be found at Claim.ethena.fi.

In addition, Binance Launchpool will conclude today and ENA tokens will be listed at 4 PM, including trading pairs such as ENA/BTC, ENA/USDT, ENA/BNB, ENA/FDUSD, and ENA/TRY.

Ethena
MakerDAO
USDe