Ethena (ENA) Tokenomics, Unlock Schedule and Vesting Chart

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Ethena (ENA) Token Unlock & Vesting Schedule

As of October 16, 2026, 11.84 billion ENA have been released. The schedule is ongoing, with no final release date. Over the next 12 months it releases 2.08 billion ENA (1.05 billion of them estimated) mostly from Core contributors and Ecosystem monthly programme budget, worth about $426.34 million at today's price (15.34% of the market cap). The next release is on November 5, 2026: 189.06 million ENA (95.31 million of them estimated) from Core contributors, Ecosystem monthly programme budget and Foundation allocation.

The chart shows gross modeled releases of every allocation: vesting unlocks, new issuance and reserve distributions, each allocation counted once. These have different meanings; a scheduled release is not evidence that tokens entered circulation or were sold. Review the coverage, sources and assumptions below.

Each color segment in the chart corresponds to a specific allocation group described in the Allocations section below. Underlying assumptions and data models used to reconstruct this schedule are explained in detail under Assumptions, while broader utility insights and token use cases are covered in Tokenomics & Utility.

Tokenomics & Utility

What ENA does

ENA is Ethena’s governance token. Holders can participate in proposals about the project’s direction, including changes to its financial design and how it supports ecosystem growth. ENA holders have also voted on the makeup of the risk committee. ENA’s purpose therefore centers on decisions about Ethena, while USDe and sUSDe serve the project’s dollar and savings uses. (ethena.fi)

ENA’s total supply was set at 15 billion tokens. Its original allocation assigned 30% to core contributors, 30% to ecosystem development, 25% to investors, and 15% to the foundation. The ecosystem share supports activities such as user distributions and project development. These allocations explain the token’s starting economic design; decisions about how tokens are used remain part of the project’s governance story. (assets-cms.kraken.com)

Holders in permitted jurisdictions can also stake ENA and receive sENA. This is distinct from staking USDe for sUSDe. The ENA staking system can receive token distributions, but Ethena’s documentation describes those distributions as discretionary rather than automatic. In August 2026, Ethena opened a governance discussion about using a share of protocol revenue for ENA purchases once set milestones are reached. That proposal shows how ENA’s economic role may develop through holder decisions. (docs.ethena.fi)

Upcoming ENA Releases

Period	Allocation	Type	Amount	Value
Nov 2026	Core contributors	Vesting, researched	93.8M	$19.2M
	Ecosystem monthly programme budget	Vesting, estimated	54.7M	$11.2M
	Foundation allocation	Vesting, estimated	40.6M	$8.3M
Dec 2026	Core contributors	Vesting, researched	93.8M	$19.2M
	Ecosystem monthly programme budget	Vesting, estimated	54.7M	$11.2M
	Foundation allocation	Vesting, estimated	40.6M	$8.3M
Total, next 12 months			2.1B	$426.3M

1–6 of 33 releases

of 6 pages

Values at $0.205 per ENA (October 16, 2026), today's price, not a forecast. Releases continue after September 2027. Estimated amounts are modeled from the schedule's rules rather than dated by a source; see the Assumptions below. Releases without dates are listed under Allocations.

Assumptions

ENA’s 15 billion initial tokens were minted in March 2024, and the documented contributor, investor, Foundation and ecosystem budgets describe how those existing tokens become available or are distributed. Contributor vesting continues monthly, while the remaining original investor unlocks were moved to October 5, 2026; a separate signed waiver also changes StablecoinX’s contractual lock-ups on that date. Several reward rounds have known budgets but incomplete claim and vesting data, and Foundation spending remains decision-dependent. The chart can show the dated mint, supported award openings and labeled vesting estimates separately; the contract also permits discretionary future minting with no announced amount or date.

Owner-controlled additional minting: Releases depend on future governance or treasury decisions.
Foundation allocation: Releases depend on future governance or treasury decisions.
Ecosystem development and airdrops: Releases depend on future governance or treasury decisions.
Season 1 Shard Campaign: Releases depend on recipients claiming tokens or on grants being awarded.
Season 2 Sats Campaign: Releases depend on recipients claiming tokens or on grants being awarded.
Season 3 rewards: The sources give the amount but no release dates.
Season 4 rewards: The sources give the amount but no release dates.
Season 4 HyENA rewards: The sources give the amount but no release dates.
HyENA exchange rewards airdrop: The sources give the amount but no release dates.
Ethereal exchange rewards airdrop: The sources give the amount but no release dates.
Season 5 rewards: The sources give the amount but no release dates.
Reclaimed airdrop ENA distributed to sENA: Releases depend on recipients claiming tokens or on grants being awarded.
Disclosed market-maker token loans: The sources give the amount but no release dates.
Disclosed exchange-listing expenditure: The sources give the amount but no release dates.

Sources (11)

Initial Supply 15.00B

Unlocked Supply 11.84B

Unlock Progress — No maximum supply

Genesis Date Mar 5, 2024

Fully Unlocked Ongoing

Allocations 20

Marketcap Rank (#) 41

Price ($) 0.198 -6.65% (7d)

24h Volume ($) 32M -8.60% (7d)

Marketcap ($) 2.8B

Fully Diluted Value ($) 3B

Circulating Supply 89% HIGH

Perpetuals: 5 markets on Binance, OKX, Hyperliquid and Lighter · $231.8M open interest

Spot

Perp


ENA/USDT	60M	975K/1.1M
ENA/USDT	49M	284K/635K
ENA/USDT	22M	323K/267K
ENA/USDT	20M	484K/332K
ENA/USDT	12M	264K/163K
ENA/USDT	9.3M	267K/843K
ENA/USD	9.1M	395K/587K
ENA/USDT	6.7M	511K/872K
ENA/USDC	5M	263K/231K
ENA/TRY	4.5M	97K/139K
ENA/USD	4.3M	289K/353K
ENA/EUR	1.5M	97K/145K
ENA/USDC	993K	716K/863K
ENA/FDUSD	163K	3.4K/4.4K
ENA/USDC	128K	36K/75K
ENA/USDC	89K	41K/48K
ENA/USDC	72K	3.1K/2.8K
ENA/USDC	61K	1.6K/6.2K
ENA/EUR	61K	149/300
ENA/USDE	59K	4.1K/6.7K
ENA/USD1	59K	4.1K/12K
ENA/EUR	58K	6.8K/7.5K
ENA/USDC	54K	663/661
ENA/USDT	45K	454/21K

Allocations

Genesis mint

15,000,000,000 tokens · 4 parts

Parts of this allocation with their own release dates are charted as their own allocations; the chart shows the rest here.

Cliff: Mar 5, 2024 — 100.00% of allocation · 15,000,000,000 tokens

Sources: ENA token and verified contractTokenomics

Owner-controlled additional minting

N/A tokens

Timing not yet established (Mar 5, 2025 - open): amount unknown

Sources: ENA token and verified contract

StablecoinX initial locked-ENA sale

1,231,887,037.76 tokens

Cliff: Oct 5, 2026 — 100.00% of allocation · 1,231,887,037.76 tokens

Sources: StablecoinX transaction filingSeptember 14, 2026 waiver letter between StablecoinX, Ethena OpCo and the Ethena Foundation

StablecoinX additional locked-ENA sale

914,341,825.83 tokens

Cliff: Oct 5, 2026 — 100.00% of allocation · 914,341,825.83 tokens

Sources: StablecoinX transaction filingSeptember 14, 2026 waiver letter between StablecoinX, Ethena OpCo and the Ethena Foundation

Disclosed market-maker token loans

46,000,000 tokens

Timing not yet established: 46,000,000 tokens

Sources: Ethena Token Transparency Filing

Disclosed exchange-listing expenditure

300,000,000 tokens

Timing not yet established: 300,000,000 tokens

Sources: Ethena Token Transparency Filing

Last Updated: 2026-09-29 02:32:19 UTC

Description

#41

Ethena is a decentralized stablecoin that is fully collateralized and designed for stability through derivative-backed mechanisms. Additionally, it features a bond token, aiming to replicate digital savings mechanisms without reliance on centralized authorities, enhancing the crypto-financial ecosystem's efficiency and accessibility.

Sector:	RWA
Blockchain:	Ethereum

2024