Attention: This Altcoin Has Updated in Airdrop, You May Lose!

Ethena Labs announced that it has restructured its tokenomic model for the ENA token. It also announced that it has implemented mandatory vesting conditions to encourage long-term retention among buyers. This change will especially affect all users who receive ENA from initiatives such as the Shard Campaign. Thus, the altcoin project is forced to lock up at least 50% of its tokens using one of three identified techniques.

Ethena’s tokenomics and airdrop update

Ethena Labs has made a major update to the tokenomics of its native token, ENA. Users who received ENA through airdrops such as the Shard Campaign will have to lock at least 50% of their claimable tokens as part of this update. Users can lock via Ethena locking, PT-ENA on Pendle, or Symbiotic Restaking. Failure to comply will result in undeposited ENA being redistributed to compliant users. In this context, the Ethena Labs group made the following statement regarding the tokenomic change:

To be clear, the goal of the new tokenomics is to encourage the realignment of ENA holders from paid capital to long-term compatible users.

Ethena Labs stated that the lost ENA will not be retained by the foundation, team or investors. These will be distributed only to users who comply with the new rules. Instructions on the latest requirements will be provided on June 23, when users claim their weekly ENA airdorps.

Staking breakthrough attracts attention

Ethena is also starting to offer staking features for ENA. Thus, it increases its benefit within the ecosystem. These staking options are one module of Ethena’s broader strategy to integrate ENA into its financial infrastructure, including the upcoming Ethena Chain. The ENA, also issued, will provide security for cross-chain transfers verified through LayerZero’s DVN network. Additionally, ENA and sUSDe will be the first assets that can be invested in Symbiotic’s next cycle. In addition, the first liquid staking tokens (LST) caps will actually be filled.

The new road map also emphasizes the commitment to creating a financial infrastructure. Ethena Chain will host financial applications and infrastructure built on USDe as a gas token. The group said, “Restaked ENA will provide security in these protocols. “They may also be eligible for potential future airdrops at their discretion in return,” he added.

Ethena’s Final Roadmap. Source: Ethena Labs

Reactions are coming from the altcoin community!

However, this update sparked controversy within the crypto community. Some members have expressed their disappointment with Ethena’s latest update. They expressed concern about the new vesting and locking needs. In this context, a user made the following criticism:

After we postpone our airdrop, they add a vesting to our earned airdrop. […] Changing essentially defined phrases to pump their tokens is shady, but remember ENA is a ‘governance token’. Shame on you, Ethena Labs.

cryptokoin.com As you can follow from , there has been controversy around Ethena since its inception. Some experts have expressed concerns about the sustainability of USDe. They pointed out that USDe could potentially face a collapse similar to TerraUSD (UST).