How Ethena launched their token with custom unlocks and APIs, using Liquifi

How Ethena launched their token with custom unlocks and APIs, using Liquifi

The challenge 

Ethena needed a partner to guide them through the token launch process and assist them in handling complexities like variable unlock schedules & custom APIs.

As Ethena’s Shard program concluded, the team needed access to a token launch partner who could offer holistic support throughout the campaign while also handling custom requests within a specific turnaround time.  

Specifically, they needed a partner with token expertise and execution speed to ensure their airdrop maintained the highest security standards while delivering all tokens to the right stakeholders. 

Ethena faced 2 specific challenges during their airdrop: 

1. Deploying their airdrop campaign

Ethena’s Points program dictated their stakeholder’s airdrop allocation and vesting schedules. 

Ethena stakeholders would accrue Points for staking the $ENA token, which would directly translate into the number of tokens each stakeholder would receive.  

Ethena needed a token launch partner with the ability to set up the right workflows—plus security & accuracy checks—to ensure tokens were correctly distributed according to Ethena Points allocations. 

This led to the second challenge. 

2. Distributing tokens with variable unlock schedules across 3 stakeholder groups

Ethena also needed a partner that was able to distribute the right amount of tokens across 3 distinct stakeholder groups: 

• One-time airdrop claimants 
• Ethena’s top 4k points holders, who received their tokens over a 6-month period
• Investors, team members, and other internal stakeholders 

Specifically, Ethena needed help handling variable unlock schedules for Group (B): 

• If any Group B members exited the ecosystem before the end of those six months, they would forfeit the unvested portion of their tokens. 
• These forfeited tokens would be redistributed equally to the remaining claimants in Group B. 

Both of these complexities around their TGE meant that the Ethena team needed a token launch partner with enough flexibility and support to distribute to a large number of recipients accurately and securely while providing for ongoing variability. 

Per Guy Young, Ethena’s Founder, as they geared up for their TGE: 

"Our team felt concerned about handling the number of users in the airdrop and the intricate logic around user groups and holding requirements.”

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The solution 

Liquifi’s platform & custom APIs ensured all Ethena stakeholders received the accurate token amount while accounting for variable eligibility parameters. 

Ethena used Liquifi to facilitate their token airdrop, and their founding team felt refreshed with the platform’s ability to automate much of the technical and operational heavy lifting.

As Liquifi built out the technical, operational back-end to facilitate Ethena’s TGE, Ethena’s core team shifted their attention to other tasks associated with their launch campaign. 

Liquifi helped Ethena smoothly handle the airdrop in 3 specific ways: 

1. We set up processes to recalculate, reupload, and reissue token grants to the right people on a monthly cadence.

2. We provided the Ethena team with a custom API that allowed them to see and track contract and token amounts. 

3. We built a custom UI claim portal that connected with Liquifi to ensure the right Ethena stakeholders could easily claim their tokens—significantly upgrading their stakeholder UX while minimizing confusion. 

Per Guy Young, Ethena’s Founder:  

“The custom API provided by Liquifi, along with the Claim Page it enabled, helped ensure a smooth user experience for users accustomed to the Ethena UI.” 

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The results

After launching their token with Liquifi, Ethena’s stakeholders claimed over $400M in tokens through +37,000 transactions in one of the largest airdrops ever.

During Ethena’s token launch, members of the Liquifi team took turns manning support over a full 24-hour period, ensuring that any technical hiccups or questions were answered immediately. 

Over a weekend, with support from Liquifi’s token launch product, Ethena's airdrop reached: 

• 37,000 transactions
• 51,000 unique wallets
• $400M+ transaction volume
• <1% support ticket ratio from users
  

After using Liquifi to facilitate their airdrop, Guy described the experience:

“Liquifi helped us to release one of the largest airdrops ever. In addition to the technical support, the human element they provided communicating with our users and getting them their tokens was first-class.”