TL; DR
Full story
Imagine waking up to find that almost $2 million has been deposited into your crypto wallet…
It seems a little too good to be true, right?
Well, it’s not.
This happened to someone earlier this week, during the Ethena Labs airdrop campaign (aka crypto giveaway), and after looking at it, it seems like a great strategic move by Ethena.
This is what we mean:
Ethena Labs operates a synthetic dollar cryptocurrency, $USDe. At launch, they created the ‘Shard’ campaign that encourages people to contribute to their ecosystem.
You can earn points (or shards) by purchasing and wagering $USDe, or by telling your friends to interact with the ecosystem (such as a crypto referral program).
The main goal here was to involve people in the ecosystem.
(Which our guy made the most of with the $2 million airdrop).
But this is where Ethena really got really smart.
The airdrop did not reward early users with $USDe, but instead with Ethena’s new governance token $ENA.
(Where for each $ENA token, someone gets one vote for any changes to the network).
By doing this, Ethena was able to reward early users without dilutes $USDe’s offering while encouraging users to vote, participate, and help the ecosystem grow.
Applause for the Ethena Labs team!