A recent report by The Block stated that Ethena Labs is preparing to airdrop 750 million of its governance tokens on April 2. The decentralized finance (DeFi) protocol will be distributing these tokens to holders of "shards," which are digital units that measure users' engagement with the protocol. This airdrop accounts for 5% of the total 15 billion ENA supply. Users who hold the USDe, the protocol's synthetic dollar pegged to the U.S. currency, will be eligible to receive the airdropped tokens.

Ethena Labs announced that the ENA tokens will be airdropped to eligible participants on April 2 and will then be available on centralized cryptocurrency exchanges (CEXs). The amount of tokens each user receives will be based on the number of "shards" they accumulate through April 1. To qualify for the free tokens, users must maintain their USDe staked or held on the Ethena protocol.

This airdrop is a continuation of the Ethena Shard Campaign, a six-week event that required crypto enthusiasts to collect "shards" by engaging in activities on the Ethena protocol. Throughout the campaign, the supply of USDe reached a value of $1.3 billion, making it the fastest USD-denominated asset to surpass a $1 billion supply, according to Ethena Labs.