Ethena has recently updated the claim conditions for the second phase of its ENA airdrop, introducing several significant changes that may impact both token holders and the broader market.
First, the original requirement that 50% of the airdropped ENA tokens must be re-staked has been canceled, allowing participants to withdraw all their airdropped tokens without restriction.
This adjustment could lead to increased selling pressure on the claim day, as recipients now have the flexibility to liquidate their holdings immediately.
Second, a new condition ties the airdrop amount to the user’s USDe balance. To receive the full airdrop, participants must maintain a USDe balance that is equal to or greater than the average balance of the 30 days leading up to the September 1 snapshot.
If the balance falls short, the airdrop amount will be proportionally reduced. This move appears to be an effort by Ethena to stabilize its Total Value Locked (TVL) by encouraging users to maintain or increase their USDe holdings.
Ethena 更新了二期空投的申领细节
重点提炼👇
1️⃣ 取消了原有 50% ENA 重新质押的规则，空投代币可以全部取出了
2️⃣ USDe 余额必须大于等于 09.01 快照时 30 天的平均余额，否则空投数量将按比例减少
3️⃣ 前 2000 名仍然需要锁仓 50% 的空投代币，这部分六个月线性解锁 https://t.co/BmiJ1uiAI5 pic.twitter.com/n6rOfRQf19— Ai 姨 (@ai_9684xtpa) September 4, 2024
50% Lock Up For Top 2,000 Ethena Airdrop Recipients
However, the top 2,000 recipients still face a 50% lock-up of their airdropped tokens, which will be released gradually over six months. This stipulation could help moderate the selling pressure from larger holders, though the immediate liquidity of the remaining 50% might still influence the market.
看来 Ethena 在「稳住 TVL」和「维持 ENA 币价」之间选择了前者；既然取消了 50% ENA 重新质押的规则，对应申领当天的抛压就大了不少
另外需要注意的是：如果你购买过 Pendle sUSDe YT，Ethena 会要求你补足杠杆部分的 USDe 资金🥲直接背刺了以小博大的 YT 玩家…
— Ai 姨 (@ai_9684xtpa) September 4, 2024
Additionally, Ethena’s decision to require users who have purchased Pendle sUSDe Yield Tokens (YT) to cover leveraged USDe funds has sparked controversy. This condition impacts those who have leveraged their positions, particularly those betting big with smaller investments, effectively disadvantaging them and potentially leading to frustration among this subset of investors.
In summary, while Ethena’s updated airdrop conditions aim to stabilize TVL, the removal of the re-staking rule might introduce greater volatility in ENA’s price as selling pressure increases. Investors should closely monitor these developments to navigate the evolving market dynamics.
Disclosure: This is not trading or investment advice. Always do your research before buying any cryptocurrency or investing in any services.
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Image Source: Photo by Kyle Hinkson on Unsplash // Image Effects by Colorcinch
