Ethena

Economy Audit Scope Badge

Ethena Info

Explore Ethena's $ENA Tokenomics: Powering USDe, the first decentralized, yield-bearing stablecoin backed by Ethereum's delta-neutral stETH positions.

Ticker
$ENA
Listing Price
$0.3
Total Supply
15,000,000,000
Niche
  • Blockchain
  • RWA
TGE Date
2024-04-02
Tier 2
Tokenomics
Economy
Audit
Tokenomics
Audited
Investor
Information

Tokenomics Rating

Rank
#1090
Percentile
Top 65%
9
8
5
Economic Policies
64.51
Investment & Valuation
58.77
Utility & Value Flow
-
Market Makers
-
Distribution Fairness
42.12

Tokenomics Information

Allocation Distribution

Pool Name
Percentage
Vesting Information
Core Contributors30.00%12 Month Cliff, 36 Month Linear Vesting
Investors25.00%12 Month Cliff, 36 Month Linear Vesting
Ecosystem Development23.00%48 Month Linear Vesting
Foundation15.00%13.3% at TGE , 48 Month Linear Vesting
Shard Campaign Airdrop5.00%100.0% at TGE
Binance Launchpool2.00%100.0% at TGE
---
---
---
Showing 1-6 out of 6

Category Score
42.12out of 100
Percentile
Top 75%

Allocation Distribution Indicators

Highlights
0
Warnings
1
Alerts
1

Distribution Fairness

Distribution Fairness Benchmarks

Deviation from Best Performers

Deviation Status

Public Sale
-7.8%
Medium
Community
-5.4%
Medium
Foundation
-8.3%
Medium
Insiders
+11.8%
High
Investors
+9.7%
Medium

Deviation from Best Performers

This section analyzes whether the token distribution is balanced by comparing it to best-performing projects in the same niche.

It highlights low, medium, or high deviation levels across stakeholder groups and evaluates how closely the overall allocation aligns with proven benchmarks.

Overall Deviation Status

Medium

Category Score
—out of 100
Percentile
—

Governance Indicators

Highlights
3
Warnings
1
Alerts
1

Token Power

Token Power

This section analyzes who holds actual control over the circulating supply year over year, with a focus on early stages where governance risk is highest. It assesses whether the governance power is centralized or decentralized, and flags any dominance by insiders or investors.

Token Control Status

Launch
Decentralized
Year 1
Semi-Centralized
Year 2
Centralized
Year 3
Centralized
Year 4
Centralized

Insider Dominance Test

Failed

Investor Dominance Test

Passed

Category Score
80.71out of 100
Percentile
Top 15%

Inflation Indicators

Highlights
1
Warnings
2
Alerts
1

Emission Type

Circulation

Inflation

Here we analyze whether inflation rates are sustainable, how balanced the vesting release schedule, how they compare with top-performing projects annually, and how this inflationary pressure might impact token value.

Year 1 Inflation

171.4%

Year 2 Inflation

63.2%

Year 3 Inflation

38.7%

Year 4 Inflation

27.9%

Inflation YoY

Category Score
57.8out of 100
Percentile
Top 43%

Supply Shock Indicators

Highlights
0
Warnings
0
Alerts
1

Emission Type

Circulation

Monthly Supply Shocks

Supply Shocks

Here we track the timing and size of every supply shock, we flag high, mid, and low risk supply shocks, we showcase the exact date of the largest dilution event, and enable a heatmap visualization.

Supply Shocks Counter

0 Low Risk
0 Mid Risk
1 High Risk

Highest Supply Shock

54.8%
at Month 12

Supply Shock Information

Category Score
45.53out of 100
Percentile
Top 38%

Risk of Dilution Indicators

Highlights
0
Warnings
2
Alerts
0

Initial Float / Circulating Supply

This section assesses whether the TGE float is appropriately sized, what dilution it introduces, and how it compares to best performing projects. The float is also known as circulating supply and just because tokens are unlocked does not mean they enter circulation.

Initial Float

7.00%

Best Performer Float

12.34%

Team Float Control

28.6%
Low Control
Mid Control
High Control
At launch, the team controls 28.6% of the circulating supply, reducing the real initial float to 5.00%.

Circulating Token Supply (YoY)

Vesting Release Schedule

Category Score
58.77out of 100
Percentile
Top 80%

Terms and Conditions Indicators

Highlights
1
Warnings
0
Alerts
0

Investor Round Details

Investors Terms and Conditions

Here we focus on everything that matters to public and private investors, how the rounds are structured, what your payback looks like at TGE, and how fairly the different rounds are balanced mapping entry price, unlocks, vesting terms, and overall exposure.

Vesting Details

Hover to see the details.
Investors

Target Hardcap

$75.0M
25.0%
75.0%
Ethena is selling 25.0% of its total token supply to investors in order to raise $75.0M in funding.

Category Score
24.77out of 100
Percentile
Top 94%

Valuation Indicators

Highlights
1
Warnings
1
Alerts
1

Valuation Comparison

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.

Niche ROI (Past Year Blockchain)

+42.04%

Niche ROI (Last 15 Blockchain)

+80.45%

Project FDV Status

Overvalued
Under
Fairly Valued
Over
Ethena is listing at 422.7% higher FDV compared to benchmark listing and current valuation averages.

Valuation Comparison

Valuation (FDV vs VDV)

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.

Preferred Round

Investors
Best
Out of 1
1
Ranked 1st by VDV
1
Ranked 1st by FDV

Rounds Ranked by FDV

1
Investors
$300.0M FDV

Rounds Ranked by VDV

1
Investors
$165.0M VDV

Investor FDV vs VDV

VDV Valuation Model

Category Score
99.92out of 100
Percentile
Top 28%

Break Even Indicators

Highlights
2
Warnings
0
Alerts
0

Break Even Analysis

Here we analyze how balanced private rounds are, which round breaks even first and which breaks even last by tracking cumulative ROI from unlocked tokens against the initial investment, and flag the month when ROI turns positive to define each project's payback period.

Fastest Rounds to Break Even

1
Investors
in 12 months

Who Breaks Even First?

Investors
in 12 months

Break-Even Analysis Chart

About Ethena

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/).