Ethena Airdrop Distribution & $ENA token Future Prospect

[Altcoiner007]

Ethena's announcement of the $ENA Airdrop distribution has generated excitement within the cryptocurrency community. This initiative not only provides a chance for enthusiasts and investors to acquire $ENA tokens for free but also showcases Ethena's dedication to building a strong and engaged community around its DeFi platform. As someone interested in web3 and DeFi, I am eager to learn more about the project's potential and opportunities to acquire the token, as well as information on where to purchase it.

Is it as promising as claimed to be a leading way in the DeFi space? Is anyone else watching to see how the project will offer the innovative solutions that will redefine financial transactions? Let's dymestify it because the $ENA Coin will play a crucial role in Ethena's ecosystem, facilitating transactions, governance, and incentives.

I know $ENA Airdrop is a strategic move by the Ethena team to distribute tokens widely and engage a diverse range of participants in the platform's growth. This initiative will not only rewards early supporters but also contributes to decentralized governance and community ownership.

I already see some cex have announced and listed the project. I am curious to hear others' thoughts on Ethena and if anyone has received the airdrop yet.

[wavessurfing]

how to proceed ?

[batang_bitcoin]

There is already an ongoing discussion[1] about the Ethena airdrop and the ENA token. We've already discussing about the project on that thread that I have linked below so please continue the discussion there if someone is looking for it.

[1] https://bitcointalk.org/index.php?topic=5490628.0

[TastyChillySauce00]

Renowned decentralized finance (DeFi) builder Andre Cronje has expressed concerns about the incentives behind Ethena Labs' USDe stablecoin in a post on X. Cronje, known for his thought leadership in the DeFi space, indirectly mentioned the protocol and its synthetic dollar, highlighting
his worries about Ethena Labs' risk management practices, specifically addressing funding rates in perpetual futures contracts.

ENA token works as a governance token, but it sounds like a mini terra for me rather than a governance token. I do agree with Cronje, but it seems like the hype is still very big to pump this token. It has increased more than 100%. That's amazing, and it also breaks all of the FUD about this token, but who knows if Ethena will become another terra.
Things that make me doubt it caused that this platform offers a very high yield for the USD staking. I have participated in the USDE event to get ENA token and got around 6k token from from locking 7k in two months.

It's not promising as what I have seen from the various perspectives, but I can't really say if it will not be profitable, there is a big chance that Ethena will be pumped even higher than I was thinking.
THe hype is still there and i think that's good enough to hold it for short - mid term.

[JeffBrad12]

there has been many people calling it out to be the having potential of becoming the next UST, though I don't know whether that holds the truth, the algorithmic stablecoin has always been having the nature of a little bit depegged whether its overcollateralized, I mean they are starting 2nd campaign right now which urge many of previous campaign follower to further lock their money, but what happen if the second campaign ends and then people are unlocking their money trying to escape the protocol in mass, i wonder if this gonna cause depegging since the first campaign when people on the injective blockchain trying to withdraw their money altogether it causes depegging toward usde value but soon it recovers back.
personally i don't really understand what this stablecoin system really works so I think my opinion or speculation to this stablecoin holds no value, but im hoping that they prevent whatever disaster causes depegging toward UST.

[mk4]

ENA token works as a governance token, but it sounds like a mini terra for me rather than a governance token. I do agree with Cronje, but it seems like the hype is still very big to pump this token. It has increased more than 100%. That's amazing, and it also breaks all of the FUD about this token, but who knows if Ethena will become another terra.
Things that make me doubt it caused that this platform offers a very high yield for the USD staking. I have participated in the USDE event to get ENA token and got around 6k token from from locking 7k in two months.

It's not promising as what I have seen from the various perspectives, but I can't really say if it will not be profitable, there is a big chance that Ethena will be pumped even higher than I was thinking.
THe hype is still there and i think that's good enough to hold it for short - mid term.

The Ethena protocol definitely has risks and downsides(and also has a chance of implosion, but due to other risks) but the ENA token being like the LUNA token is simply technically wrong.

In this case the yield is actually 'real' because the APY is coming from funding rates; and the APY yield actually fluctuates(again, because of funding rates), not like LUNA which has a steady 20% APY.

[God bless u]

I think that holding it now for a shorter period of time will be a good option to consider. It has distributed almost 750 million tokens and that makes up to 5 percent of its total supply.This makes the air drop a good strategy to strengthen the marketing aspect of the project.

As far as its use case is considered I don't think so it'll bring a change that can disrupt the market. There are monsters there who have already played on the USP of low transaction fees and they're doing quite well in the market. Competing with them requires some strong fundamentals as well as technical aspects.

[Bournesparks]

I think that holding it now for a shorter period of time will be a good option to consider. It has distributed almost 750 million tokens and that makes up to 5 percent of its total supply.This makes the air drop a good strategy to strengthen the marketing aspect of the project.

As far as its use case is considered I don't think so it'll bring a change that can disrupt the market. There are monsters there who have already played on the USP of low transaction fees and they're doing quite well in the market. Competing with them requires some strong fundamentals as well as technical aspects.

True, I think the airdrop is a good strategy. However, I believe the team is also doxxed and backed by Dragonfly etc with further incubation by Binance Labs. While receiving the airdrop would have been cool, unfortunately, I missed out on it. Thankfully, the entry requirements for the Bitget launchpool aren't too difficult, so I just staked BGB to participate in the Ena pool. Hopefully, I'll get something tangible soon