Ethena’s governance token ENA surged as much as 20% to a new all-time high, from $1.10 to $1.35, on Monday morning following an announcement by Ethena Labs that ENA holders will be given the chance to earn more points, potentially resulting in a bigger airdrop.

The rise in value follows an airdrop last week that distributed 750 million tokens (5% of the total supply) to early adopters of the platform.

Learn more: What Is Ethena’s USDe Synthetic Dollar? A Beginner’s Guide

Users who lock at least 50% of their total USDe holdings in ENA will benefit from enhanced rewards. This includes a 50% increase in rewards and the highest number of rewards per day compared to any other pool. The program allows for a minimum seven-day lock period for the ENA tokens, with locked ENA earning rewards at 30 times the normal rate.

With this recent surge, Ethena’s market capitalization has doubled to $1.8 billion in a week, indicating growing investor interest in the platform and its tokens. 

Since Ethena’s launch in mid-February, it has been operating a points program, recently expanding its scope by incorporating bitcoin as a collateral option. This expansion marked the beginning of the second season of its points program, known as the “Sats Campaign,” which is scheduled to conclude on Sept. 2, or sooner if the total value locked (TVL) in USDe—the platform’s stablecoin—reaches a target of $5 billion. Currently, Ethena’s USDe TVL stands at $2.1 billion, having grown by 36% in the past seven days.

Read more about why people have some concerns about USDe: As Ethena’s USDe Quickly Reaches $2 Billion in Market Cap, Some Wonder If It’s as Risky as Terra’s UST

To participate in the rewards boost, users need to lock a substantial portion of ENA relative to their USDe balance across various platforms. For example, a user with a $10,000 USDe balance must lock at least $5,000 in ENA to qualify for the increased rewards. Ethena has clarified that only circulating ENA acquired through the initial airdrop or purchased on the open market is eligible for locking, excluding team and investor allocations tied to vesting schedules.