Ethena

Season 5 distributed about 2% of the ENA supply, roughly 300 million tokens, for activity between late September 2025 and late March 2026. Sats came from holding USDe, staking it as sUSDe, locking ENA as sENA, or using integrated DeFi platforms, and they converted into a proportional share of ENA at the end of the season. The posts point to claim.ethena.fi as the official portal, which they say opened on 5 May 2026.

One guide says Ethena has historically allowed about 30 days to claim before unclaimed tokens are redistributed, which is not confirmed by an official source, so the end date we use is an estimate. The posts say Season 1 released 5% of supply and Seasons 2 to 4 released smaller tranches, and we found no detailed rules for those seasons.

The guides warn that Ethena does not message users first and that unofficial claim sites are a phishing risk. That advice applies to any airdrop, and it is especially relevant where claims are frequent: seasons that repeat train users to expect claim links, and attackers copy them.

Rewarding holders of a stablecoin-like product with a governance token links the airdrop to deposits. People who held USDe took on its risks, which include the performance of the hedging positions behind it and the redemption terms, so Sats are compensation for risk and not free money.