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How To Get Your Web3 Startup From 0 To $900M In 21 Days: Story Of Ethena Airdrop
A case study of Ethena and its genius Season 1 airdrop campaign
10 min readJul 23, 2024
A Story Of The Brand New Stablecoin That Revitalized DeFi
Launched in early 2024, Ethena.fi conquered significant parts of TVL for many DeFi protocols in a relatively short time, generating new yield opportunities via their main product: USDe.
USDe was the fastest USD asset to reach $3B supply ever in crypto, reaching $2B in less than one month!
Ethena’s current TVL is $3.39B. Let’s just appreciate how beautiful that TVL chart is.
The growth has been consistent, capturing more and more share in various markets, like the Pendle one, one of the biggest and hottest protocols in DeFi.
Ethena also generated over $100M in fees for 2024 to date (Jul 16) and $65.8M in protocol revenue.
But how did Ethena manage to capture so much attention and value in such a short time?
