While the airdrop presented a rewarding opportunity for early users, engaging with the Ethena protocol itself carries a unique set of risks that must be thoroughly understood. The core innovation of USDe relies on a delta-neutral hedging strategy using perpetual futures contracts. This introduces complexities such as funding rate risk; if funding rates become negative for extended periods, the cost of maintaining the hedge could outweigh the yield generated from staked assets, potentially threatening the protocol’s stability. There is also counterparty risk associated with the centralized exchanges where these hedges are placed, including exchange insolvency or technical failure. Smart contract risk is ever-present, as vulnerabilities in the protocol’s code could be exploited. The value of the ENA token is directly tied to the successful management of these risks. The ena airdrop distributed tokens to users who already demonstrated a capacity to understand and accept these risks by interacting with the protocol. For new holders, conducting due diligence is not optional. The potential rewards of high yield and governance participation are compelling, but they are inextricably linked to a novel and experimental financial structure that operates in a largely unregulated and volatile market.