The largest recipient of the Ethena Labs airdrop received nearly $2 million worth of Ethena (ENA) tokens on April 2.

The recipient, wallet 0xb56, received 3.3 million Ethena tokens worth $1.96 million, according to on-chain data analyzed by Arkham Intelligence in an April 2 X post.

The Ethena Labs airdrop went live on April 2, distributing $450 million worth of ENA tokens among eligible wallets.

The full airdrop allocation had been distributed by 7:17 am UTC on April 2, according to an X post by Ethena Labs.

“The full 5% of $ENA has already been distributed to the claim smart contracts. The core contributors will be working around the clock to support with any questions on the claimable $ENA.”

After the airdrop claim page went live, the Ethena token was listed for trading at 8:00 am UTC on some of the biggest centralized crypto exchanges, including Binance, Bybit, KuCoin, HTX, MEXC and BitMart.

The Ethena token fell over 15% in the 24 hours leading up to 11:30 am to change hands at $0.5824. ENA is currently the 110th-largest cryptocurrency with a $836 million market capitalization, according to CoinMarketCap data.

Ethena Labs launched its USDe synthetic dollar on the public mainnet on Feb. 19. It became the highest-earning decentralized application (DApp) in crypto on March 8 when it offered investors an annual percentage yield (APY) of 67%.

Ethena’s USDe is currently offering a 35.4% yield to over 123,000 users, with a $1.6 billion total value locked (TVL), according to Ethena Labs’ homepage.

The market cap of USDe rose 1.9% in the past week and 135% in the past month to $1.58 billion, according to DefiLlama data.

The Ethena token was listed for farming on the Binance launch pool last week.

There was widespread concern when a fake, copycat ENA token was exploited for $290,000 worth of BNB on March 29. On-chain security firm PeckShield mistook the fake token for the real ENA coin. The real Ethena token suffered no exploit.