The DeFi stablecoin market is a fiercely competitive arena, and the Ethena airdrop was a strategic offensive in this battle for liquidity. By offering not just a stablecoin but a yield-bearing one, and coupling it with a lucrative token distribution, Ethena aggressively pulled liquidity away from established incumbents like MakerDAO’s DAI and even from traditional giants like USDC and USDT on certain yield-seeking platforms. The “great yield hunt” is a permanent feature of DeFi, and Ethena’s compelling offer caused a noticeable shift in capital allocation across the ecosystem. The success of this strategy is measured by the Total Value Locked (TVL) in USDe post-airdrop. The ena airdrop was not just a reward for users; it was a strategic weapon deployed to quickly capture market share and establish USDe as a formidable player in the stablecoin landscape. Its long-term success will depend on its ability to retain that liquidity by maintaining its peg and its yield advantage through various market conditions, proving that it is more than just a vehicle for a one-time token farm.