The largest recipient of the Ethena Labs airdrop was wallet 0xb56, who received around $2 million worth of Ethena (ENA) tokens on April 2. Based on on-chain data analyzed by Arkham Intelligence, wallet 0xb56 received 3.3 million ENA tokens, equivalent to $1.96 million.

The Ethena Labs airdrop, which distributed $450 million worth of ENA tokens among eligible wallets, was fully allocated by 7:17 am UTC on April 2. Ethena Labs stated that they had distributed the full 5% of ENA to the claim smart contracts, and core contributors would be available to assist with any related queries.

Following the launch of the claim page, the Ethena token began trading on various major centralized crypto exchanges at 8 am UTC. The token saw a decrease of over 15% in value in the 24 hours leading up to 11:30 am UTC, with ENA trading at $0.5824. Currently, ENA ranks as the 110th largest cryptocurrency with a market capitalization of $836 million as per CoinMarketCap.

Ethena Labs' USDe synthetic dollar, which launched on the public mainnet in February, has garnered significant attention due to its high yield potential. Offering investors a 35.4% yield, USDe has attracted over 123,000 users, locking in a total value of $1.6 billion. The market cap of USDe has shown steady growth, rising by 1.9% in the past week and 135% in the past month according to DefiLlama data.

Recent developments included the Ethena token being listed for farming on the Binance launch pool. However, on March 29, a copied version of ENA was exploited for $290,000 worth of Binance Coin (BNB), causing some concern. Fortunately, the original Ethena token remained unaffected by this incident.