Ethena’s governance token ENA has posted a sharp rally since launching on April 2. According to the report, ENA climbed about 80% from its all-time low of $0.532, pushing its market capitalization to roughly $1.36 billion. That move placed the token among the top 100 crypto assets by market value, at around the 74th position at the time of reporting.
Airdrop Distribution Helped Drive Early Momentum
ENA functions as the governance token for Ethena’s decentralized finance system built around the USDE stablecoin. Much of the initial attention came from the project’s airdrop, which rewarded users who took part in Ethena’s “shard campaign.” Under that program, participants interacted with the protocol to earn “shards,” and those points determined how much ENA they were eligible to claim.
The report says ENA’s circulating supply stands at about 1.425 billion tokens, held by 24,615 addresses. At the same time, ownership remains highly concentrated. Two addresses control 90.72% of the supply, while the top 100 addresses hold 99.42%. Binance is identified as the third-largest holder, accounting for around 3.12%.
USDE Expansion and Yield Narrative Boost DeFi Interest
As of April 3, Ethena had reached a total value locked of roughly $1.9 billion, while USDE ranked as the fifth-largest stablecoin by market capitalization. The stablecoin’s circulating supply rose to about 1.925 billion, marking a 170% increase over the previous 30 days. That rapid expansion has added to the market’s focus on the protocol.
Another reason for the buzz is Ethena’s yield profile. The report notes that the project has been compared with Terra’s former Anchor protocol because of its elevated annual percentage yield. At one point, the APY reportedly exceeded 60%. Ethena’s website currently shows a yield near 35.4%, still high enough to keep the protocol in the center of DeFi discussions.
Most Airdropped Tokens Have Yet to Be Claimed
Of the 750 million ENA allocated for airdrop recipients in the shard campaign, only 240,578,283 tokens had been claimed at the time of the report, or about 32%. That means a large portion of the intended distribution has not yet entered the market. Future claim activity and changes in circulating supply could therefore remain important drivers for ENA’s price action and holder structure.
For now, ENA’s strong debut reflects a combination of airdrop excitement, rapid USDE growth, and investor appetite for high-yield DeFi narratives. Still, token concentration and the pace of future distribution are likely to remain key factors for traders and observers watching Ethena’s next move.