Explore Ethena's $ENA Tokenomics: Powering USDe, the first decentralized, yield-bearing stablecoin backed by Ethereum's delta-neutral stETH positions.
Pool Name | Percentage | Vesting Information |
|---|---|---|
| Core Contributors | 30.00% | 12 Month Cliff, 36 Month Linear Vesting |
| Investors | 25.00% | 12 Month Cliff, 36 Month Linear Vesting |
| Ecosystem Development | 23.00% | 48 Month Linear Vesting |
| Foundation | 15.00% | 13.3% at TGE , 48 Month Linear Vesting |
| Shard Campaign Airdrop | 5.00% | 100.0% at TGE |
| Binance Launchpool | 2.00% | 100.0% at TGE |
| - | - | - |
| - | - | - |
| - | - | - |
This section evaluates how Ethena allocates its token supply compared to leading Blockchain projects. It measures deviation across key stakeholder groups and determines whether the allocation aligns with proven benchmarks. The analysis helps assess whether ENA follows a fair and balanced distribution structure or introduces concentration risks.
This section analyzes who holds actual control over the Ethena circulating supply year over year, with a focus on early stages where governance risk is highest. It assesses whether the governance power of ENA is centralized or decentralized, and flags any dominance by insiders or investors.
This section analyzes whether ENA token inflation is sustainable over time. We compare annual emission rates against top-performing projects, assess how balanced the vesting and unlock schedules are, and evaluate how inflationary pressure may affect long-term token value, circulating supply growth, and investor dilution.
This section tracks every ENA token unlock and dilution event across the full vesting timeline. We quantify the size and timing of each release, classify dilution risk levels (low, medium, high), and highlight the largest unlock event by date and percentage of total supply. Charts help understand emission pressure and anticipate potential supply shocks.
This section evaluates the circulating supply and emission schedule of ENA, focusing on its initial float at TGE, its dilution profile over time, and how these levels compare with top-performing projects.
This section reviews all investor fundraising rounds for Ethena and the token purchase terms attached to ENA. It compares entry price, unlock structure, vesting length and if terms align with market standards.
This section compares the tokens valuation and performance to other projects within the same niche. It includes ROI benchmarks from the past year, the last 15 launches, and the top 5 competitors.
We compare investor valuations using both Fully Diluted Valuation (FDV) and Vested Diluted Valuation (VDV) models to assess pricing from two key perspectives. The round that ranks highest across both valuation models is considered the best-valued round.
This section evaluates how fast investors recover their initial capital across Ethena's private rounds. We track cumulative ROI from token unlocks, identify which rounds break even first or last, and pinpoint the month when ROI becomes positive to assess payback speed and round attractiveness.
Ethena token distribution allocates 15,000,000,000 ENA across 4 primary stakeholder groups:
ENA uses variable cliffs and vesting schedules that change depending on the allocation:
9% of the total supply (1,350,000,000 ENA) is unlocked at TGE, with the tokens split between Community and Foundation.
Ethena has a total supply of 15,000,000,000 ENA, of which 6,752,671,875 ENA (45% of total) is currently circulating.
Total length of the full Ethena emission schedule is 5 years, with 17.25% released in Year 1, while the remaining 82.75% is released over the following 4 years.
Ethena has 1 investor round, with the following investment price and vesting:
30% of the Ethena supply is allocated to community focused pools such as Ecosystem Development, Shard Campaign Airdrop, and Binance Launchpool.
Ethena's $ENA Tokenomics underpins a revolutionary approach to decentralized finance (DeFi) by supporting USDe, the first crypto-native, yield-bearing stablecoin. Built on a foundation of delta-neutral hedging strategies, Ethena leverages Ethereum's innovative derivative infrastructure to create a scalable and stable digital asset ecosystem. Users can deposit USD, Ethereum, or liquid staking tokens as collateral to mint USDe, with stability maintained through carefully hedged positions on both centralized and decentralized exchanges. Through its delta-neutral collateralization mechanism, collateral is securely distributed into onchain custodial wallets, with corresponding short positions taken to mitigate market volatility. This strategic approach ensures that USDe remains stable while providing returns sourced from Ethereum staking yields and futures market activity. Unlike traditional stablecoins, USDe is decentralized, scalable, and dynamically connected to Ethereum's economic performance. The $ENA token is at the core of Ethena's ecosystem, designed to incentivize platform participation, governance, and operational liquidity. Ethena positions itself as a futuristic financial backbone of the crypto industry by transforming Ethereum into the "Global Internet Bond" via its innovative approach to derivatives. Utilizing stETH (staked Ether), Ethena opens the door to secure yet yield-generating stablecoin solutions, empowering users to engage in DeFi with confidence. Ethena's smart collateralization processes, seamless integration with Ethereum, and a robust decentralized approach set it apart in the DeFi market. By combining yield generation, stability, and scalability, Ethena's $ENA and USDe redefine the potential of crypto assets, showcasing Ethereum’s capability as a global financial infrastructure. Discover more about Ethena and its groundbreaking tokenomics at [https://www.ethena.fi/](https://www.ethena.fi/).
This tokenomics data is maintained by Tokenomics.com and updated automatically from our analytics engine.
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