Ethena has recently updated the claim conditions for the second phase of its ENA airdrop, introducing several significant changes that may impact both token holders and the broader market.

First, the original requirement that 50% of the airdropped ENA tokens must be re-staked has been canceled, allowing participants to withdraw all their airdropped tokens without restriction.

This adjustment could lead to increased selling pressure on the claim day, as recipients now have the flexibility to liquidate their holdings immediately.

Second, a new condition ties the airdrop amount to the user's USDe balance. To receive the full airdrop, participants must maintain a USDe balance that is equal to or greater than the average balance of the 30 days leading up to the September 1 snapshot.

If the balance falls short, the airdrop amount will be proportionally reduced. This move appears to be an effort by Ethena to stabilize its Total Value Locked (TVL) by encouraging users to maintain or increase their USDe holdings.

However, the top 2,000 recipients still face a 50% lock-up of their airdropped tokens, which will be released gradually over six months. This stipulation could help moderate the selling pressure from larger holders, though the immediate liquidity of the remaining 50% might still influence the market.

Additionally, Ethena's decision to require users who have purchased Pendle sUSDe Yield Tokens (YT) to cover leveraged USDe funds has sparked controversy. This condition impacts those who have leveraged their positions, particularly those betting big with smaller investments, effectively disadvantaging them and potentially leading to frustration among this subset of investors.

In summary, while Ethena's updated airdrop conditions aim to stabilize TVL, the removal of the re-staking rule might introduce greater volatility in ENA's price as selling pressure increases. Investors should closely monitor these developments to navigate the evolving market dynamics.

Disclosure: This is not trading or investment advice. Always do your research before buying any cryptocurrency or investing in any services.