ENA, the governance token of the high-yield protocol Ethena, has been successfully launched on major cryptocurrency exchanges, immediately showing a positive performance of +90%.
The token launch was accompanied by an airdrop to the platform’s first users with a total of 750 million ENA distributed to USDe holders, fueling the hype of an airdrop season that seems to never end since the beginning of January 2024.
April promises to be a month full of new beginnings in the crypto world: below we see who will be the next protagonists of the market.
Great performance of Ethena Protocol’s ENA token on its market debut
Ethena, a yield platform based on the synthetic dollar USDe, celebrated today the launch of its governance token ENA which was successfully launched on major cryptocurrency exchanges such as Binance, Bybit, and HTX.
We remind you that Ethena represents an innovative protocol that generates high yields in DeFi by leveraging Ethereum staking and advanced hedging strategies.
At the time of writing the article, the prestigious cryptographic resource ENA is trading at a price of 0.59 dollars, marking an increase of 90% compared to the initial starting value.
The market capitalization is equal to 840 million dollars, but it could easily reach the billion mark as early as today, while volumes are around 760 million dollars in just 3 hours of trading.
The debut of ENA was accompanied by an airdrop, previously announced by Ethena Labs, which saw the distribution of a value equivalent to 450 million dollars to the community.
A total of 750 million ENA tokens, equivalent to 5% of the total crypto supply, have been allocated to all USDe holders who have contributed to maximizing the liquidity of the platform up to now.
You can check your eligibility at the following link.
The claim page for $ENA is now live:https://t.co/inUyUBQrzL
Please ensure you are using only this link and avoiding links posted anywhere else
This is the only claim link associated with @ethena_labs
— Ethena Labs (@ethena_labs) April 2, 2024
Most likely, Ethena’s success as a protocol that was able to quickly gather around 1.3 billion dollars is due precisely to the hype of an airdrop that was expected to be very appealing to the world of farmers.
Now the project is already thinking about the second phase of distribution, announced last week through a blog post. The short-term goal is to push for maximum use of the protocol and bring ENA to a record token price of 1 dollar.
As the excitement of decentralized finance enthusiasts for Ethena grows, we would like to point out that the platform’s strategy to generate yield for its users is not without risks.
Indeed, choosing to pair liquid Ethereum staking tokens with perpetual future short positions on ether could lead to the collapse of the ecosystem itself (with a USDe depeg) if ETH were to experience a significant drawdown.
If Ethena’s strategy is delta neutral, why aren’t hedge funds already doing it?
If HFs put much capital into doing it, yield should go down instead of being at 20+%
Either HFs know something about the strategy’s risk that we don’t, or our market is highly inefficient
— Larry Engineer (@larry0x) April 2, 2024
The next tokens to be released: April looks promising with lots of surprises
After the launch of ENA, the token of the innovative Ethena protocol, the month of April is preparing to give us many more surprises by inaugurating a multitude of new cryptocurrencies with an airdrop parallel to different communities.
First of all, we cannot fail to mention the long-awaited launch of the W token by Wormhole, which will make its debut on the main crypto exchanges tomorrow, Wednesday 3 April at 11:30 UTC.
W could soon establish itself as the main token of interoperability in the market, with an expected capitalization exceeding one billion dollars just a few minutes after launch.
W
Wormhole Wednesday
3-April-2024
11:30AM UTC pic.twitter.com/CjdmT1i8PE
— Wormhole (@wormhole) March 28, 2024
Even NIBI, the utility token of the Nibi Chain network, is waiting for the completion of an airdrop scheduled for April 7th, where different categories of testnet users will be able to claim their allocated share based on the role played in the community.
However, NIBI, unlike the W and ENA tokens, has already been listed on the markets before the airdrop started, and already boasts a market capitalization of 71 million dollars.
— Nibiru Chain (@NibiruChain) April 1, 2024
On the horizon we then find a long list of possible token launches, with related airdrops, that could debut right in the month of April.
Among the most interesting names we definitely see the presence of EIGEN, token of the restaking protocol Eigenlayer worth 11.9 billion dollars.
After the recent launch of Etherfi, now could be the ideal time to start trading your own crypto, even for its cousin Eigenlayer.
Next, we see the possibility of launching a coin for Mode Network, Kamino Finance, MarginFi, and MerkleTrade.
Hypothetically, it is also possible that the famous layer-2 ZkSync Era will inaugurate an airdrop that is expected to be the richest of all 2024, although it is more likely to happen in May/June.
