Ethena is a decentralized finance (DeFi) and smart contract protocol that aims to offer a wide range of financial services including token swaps and yield farming on Ethereum. The platform’s headline product is a revolutionary synthetic dollar called the USDe.
The protocol has conducted two seasons of airdrop for its native $ENA cryptocurrency. In this article, we will break down everything that you need to know about the Season 3 Ethena airdrop, providing you with a comprehensive overview of the event, the benefits of participating, and a step-by-step tutorial on how to claim your free $ENA tokens.
What Is Ethena?
Ethena, built on the Ethereum (ETH) blockchain, is reshaping the world of DeFi with its USDe stablecoin. The synthetic dollar-backed token, developed in partnership with Eigenlayer and EtherFi, is said to be the world’s first stablecoin that can be used as security within its generalized shared security protocol.
The protocol’s crypto-native solution is not reliant on traditional banking infrastructure, making it censorship-resistant and accessible to crypto users across the world. USDe is fully backed by staked Ethereum and is designed to maintain a value equivalent to 1 USD through strategies like delta-hedging.
Ethena has an “Internet Bond”, which is a dollar-denominated savings instrument accessible to anyone with an Internet connection. With USDe, the protocol aims to provide a transparent and scalable alternative within DeFi.
What Is The Ethena $ENA Airdrop?
Ethena is conducting an airdrop for its native utility and governance token, ENA, for users who have actively engaged with the protocol and collected “shards” through various activities like minting USDe, providing liquidity, and staking ETH.
So far, Ethena has conducted two airdrops, with the initial distribution event occurring on April 2, 2024, and the second one concluded on September 2, 2024. The network is airdropping 5% of its total supply of ENA, which amounts to 750 million tokens out of 15 billion.
The first airdrop attracted over 900,000 Ethena users, with the network distributing more than $500 million worth of ENA tokens. The success of the first campaign led to the launch of a second phase, where participants earned “Sats” for activities similar to those in the first campaign, with additional rewards for referrals and locking ENA tokens.
Season 3 airdrop for Ethena began on September 3, 2024, and will run for six months, concluding on March 23, 2025. During this period, Ethena users can accumulate points by staking their sUSDe and providing liquidity to the protocol. Users who participated in the previous airdrop seasons will receive a 10% bonus on their points for season 3.
How To Participate In The $ENA Token Airdrop?
Here are the steps you need to follow to ensure that you are eligible for the Ethena $ENA Season 3 airdrop and can maximize your rewards:
1. Set Up Your Wallet
Make sure that you have a wallet compatible with the Ethereum blockchain. Popular options include MetaMask, Trust Wallet, or Ledger. Also, ensure that the wallet contains enough ETH to cover any gas fees associated with the airdrop transaction.
2. Go To Ethena’s Official Airdrop Page
Visit the official airdrop page of Ethena. Verify the URL beforehand to avoid phishing scams and ensure that you are on the correct website.
3. Connect Your Wallet
Click the “Connect Wallet” button on the airdrop page, select your preferred Ethereum wallet provider, and authorize the connection. Once your wallet is connected, the page will display your eligibility status and the number of ENA tokens you can claim based on your previous interactions with Ethena.
4. Claim Your $ENA Tokens
Once your eligibility for the airdrop is confirmed, follow these steps to claim your free ENA tokens:
- Review your transaction details, such as gas fee, and ensure everything is correct before proceeding
- Confirm the transaction on your wallet interface after reviewing the details. Ethena will process your claim and transfer the ENA tokens to your wallet once everything is clear.
What To Consider Before Participating In Ethena $ENA Season 3 Airdrop?
Here are a few key points to consider before participating in the Ethena airdrop to claim your free $ENA tokens:
- Ensure that you have enough ETH in your wallet to cover the gas fees of the transactions. You won’t be able to participate in the airdrop without sufficient funds.
- Be wary of the staking and withdrawal periods. Season 3 may have a specific period during which staking or withdrawals are allowed.
- Make sure that you connect your wallet to the official Ethena airdrop page. Always verify the authenticity of the website before proceeding. Follow the official social media accounts of Ethena for all updates related to the ENA airdrop.
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