Ethena Labs is a significant project on the Ethereum blockchain backed by Binance and other prominent investors. recently launched its Shard Campaign, and the campaign will be split across multiple epochs. We are currently in the first epoch focusing on liquidity for $USDe, Ethena’s synthetic dollar. Participating will earn you shards as well as APY on staked $USDe. Here’s what you need to know.
What is Ethena Labs?
Ethena Labs is a synthetic dollar protocol built on Ethereum. It aims to provide a solution for money not reliant on traditional banking system infrastructure. The project introduces a globally accessible dollar-denominated savings instrument, also known as the internet bond. This stablecoin is pegged to the US dollar and is backed by Ethereum collateral.
Step-by-Step Guide:
1. Buy and Hold $USDe:
To participate in the airdrop, you need to buy and hold $USDe, the stablecoin of Ethena Labs. You can purchase $USDe on Uniswap, Curve Finance, 1inch, or any other Ethereum-based decentralized exchange.
2. Provide Liquidity:
Once you have $USDe, you can provide liquidity by participating in the USDe Curve pools on platforms. For example, you can provide liquidity to the USDe curve pool, which yields 20 shards per day.
3. Lock LP Tokens:
To maximize your shard earnings, lock your LP tokens in the liquidity pools designated for the shard campaign. Keep an eye on the announcement from Ethena Labs to know when the lock limit for the pools will open.
4. Be an Early Participant:
Participation in the airdrop is advantageous for early adopters. The sooner you start farming shards, the better your chances of receiving a significant airdrop.