Ethena Labs, a decentralized finance (DeFi) platform known for its $1.3 billion yield-generating USDe token, has begun the distribution process for its most recent governance token, ENA.
In a recent release on X, Ethena invited USDe holders to claim their share of the 750 million ENA tokens reserved for distribution, accounting for 5% of the entire token supply. These tokens are expected to be listed on centralized exchanges.
According to CoinGecko data, ENA increased by more than 8% after the distribution began, reaching a trading value of around 64 cents and a market capitalization of nearly $500 million.
The USDe token, often known as a “synthetic dollar,” uses ether liquid staking tokens and short ether (ETH) perpetual futures positions in the derivatives market to maintain a price target of $1, resulting in favorable yields for investors.