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Airdrop Phase 1

Past 19 Feb - 02 Apr

Ethena is a derivatives infrastructure provider that focuses on establishing the first crypto-native internet yield and censorship-resistant form of money - USDe stablecoin.

The protocol is powered by its native $ENA token, which grants users access to DAO votings on the platform regarding the protocol’s future development directions.

Lately, Ethena held a few shard farming campaigns on the platform, and on March 28, 2024, announced the first phase of its airdrop campaign, rewarding all participants of the recent shard farming campaign.

CoinLaunch Score: Last update:
Very High 29 Mar 2024

Ethena - Airdrop Phase 1 Overview

start date: 19 Feb
end date: 02 Apr
Reward Distribution: 02 Apr
Reward: $5,250
Winners: 100,000
More about Ethena

How to join  Ethena - Airdrop Phase 1 ?

According to the recent announcement from Ethena regarding its token release, the first phase of the Ethena airdrop campaign consisted of two main epochs:

During the first epoch of the Ethena Shard campaign, users provided liquidity into Curve’s USDe pools, such as USDe/USDC and USDe/crvUSD, to get LP tokens and then lock these LP tokens via Ethena’s frontend and earn 20 shards per day for each dollar worth of LP token locked.

Participants also had the option to lock USDe outside of Curve to earn more APR but received only half the number of shards compared to locking on Curve per locked USDe. If users chose not to lock their USDe, they were still eligible for 5 shards per holding USDe or 1 shard per each staked USDe (sUSDe)

It is also important to note that for each LPs with USDe stablecoins, there were envisioned cooldown periods:

  • 21 days cooldown for Curve LP.
  • 7 days cooldown for locking USDe on other platforms.
  • 7 days cooldown for sUSDe (Staked USDe).
  • No cooldown for holding USDe.


  • Ethena Finance Shard Campaign: Epoch 2

The second epoch of the Ethena fi campaign anticipated users to deposit USDe to Pendle Finance in order to earn APR and additional rewards in Shards. For the LPs from the first Epoch on Curve, Ethena protocol maintained the amount of Shards granted to users and cooldowns for LPs the same as they were during the first phase.

Similarly to the first epoch, users were also able to lock their USDe on Ethena to earn 10 Shards per day for every token locked, hold USDe to earn 5 Shards per token per hour, and 1 shard per each sUSDe, while the cooldowns for USDe locks and staking USDe remained the same.

  • Referrals:

During both epochs of the Shards campaign, participants were able to invite others to join the airdrop campaign and earn 10% of shards accumulated by referrals.

Step-by-step Guide

  • Go to Ethena’s landing page;

  • Acquire referral code from other participants; 

  • Type in referral code;

  • Visit and connect your wallet;

  • Buy USDe on the “buy’ page;

  • Provide USDe to LPs on Pendle and Curve;

  • Bring LP tokens to Ethena “Liquidity” page and lock them;

  • Lock USDe tokens outside those platforms.

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