Ethena (ENA)
Unlock Schedule
Ethena (ENA) Token Unlock & Vesting Schedule
The unlock chart above provides a clear visual overview of the Ethena (ENA) token release schedule, showing when and how tokens enter circulation across investor, team, treasury, and community allocations. Understanding these tokenomics dynamics is critical for evaluating potential supply pressure, inflation impact, and market liquidity over time — key factors that can influence ENA price performance.
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
The ENA token is an ERC‑20 asset with a total supply of 15,000,000,000 at genesis. Initial circulating supply at listing was 1,425,000,000 (~9.5%), with 2% distributed via Binance Launchpool. Allocation, as disclosed by the foundation and documentation, is structured to balance long‑term development and community growth: 30% Core Contributors, 25% Investors, 30% Ecosystem & Airdrops, and 15% Foundation. Core contributors and investors are subject to a one‑year 25% cliff followed by three years of monthly vesting. Unlocks began after ENA’s token generation event in March 2024. (binance.com)
Functionally, the ENA token enables holders to participate in governance, including electing the Risk Committee and guiding parameters like eligible collateral, hedging venues, and reserve practices. Ethena tokenomics continue to evolve through governance: the community has discussed a “fee switch” that, once finalized and approved, could share a portion of protocol revenue with staked ENA (sENA) holders. Ethena’s documentation also outlines sENA mechanics, where ENA can be staked and optionally time‑locked to boost ecosystem rewards and concentrate governance influence. Always check the latest governance posts for the current state of the fee switch and distributions. (blockworks.co)
In short, ENA token utility spans governance, potential revenue sharing (subject to governance approval), reward boosts across the ecosystem, and alignment with Ethena’s long‑term growth. When people search for “Ethena tokenomics” or the latest “ENA price,” they are usually evaluating these structural features alongside live market conditions.
Assumptions
- Season 1 airdrop modeled as 50% cliff at 2024-04-02 and 50% linear over 6 months.
Official guidance specifies that top 2,000 wallets and some categories had 50% TGE and 50% 6‑month vest, but the exact proportion of total subject to vesting is not disclosed; a 50/50 split approximates aggregate emissions while preserving total tokens.
- Season 2 airdrop modeled as 50% cliff at 2024-10-03 and 50% linear over 6 months.
Season 2 ended early September 2024 with claims opening in October and similar vesting rules for top addresses; exact vested share not disclosed. 50/50 split approximates aggregate emissions.
- Ecosystem Development & Partnerships (remaining 18% of supply) released linearly from 2024-04-02 to 2028-04-02.
Ethena tokenomics page indicates 30% for ecosystem with first 10% used for S1/S2 airdrops and chart shows gradual unlocks through ~2028; no granular monthly table publicly posted.
- Foundation allocation released linearly over 48 months starting 2024-04-02.
Docs outline Foundation purpose but not schedule; vesting chart and observed periodic foundation unlocks suggest extended monthly vest into 2028.
- Genesis/TGE date taken as 2024-03-05 per Ethena docs.
Docs specify March 5, 2024; Etherscan deployment timestamp appears around March 5–6 depending on timezone.
- No ongoing inflation modeled.
Although the ENA contract permits up to 10% additional mint once every 365 days, there is no evidence of non-genesis mints through 2025-10-08; only the 15B initial supply is modeled.
- Unclaimed airdrops redistributed to sENA are treated as part of the Ecosystem/Airdrop allocations, not new issuance.
Docs note discretionary distributions of unclaimed ENA to the sENA contract; this changes recipients but not total supply.
- 1. https://docs.ethena.fi/ena/tokenomics
- 2. https://etherscan.io/address/0x57e114b691db790c35207b2e685d4a43181e6061
- 3. https://www.binance.com/en/support/announcement/detail/6c216f219f0e42adb1849759dee3fbd9
- 4. https://www.binance.com/sl/research/projects/ethena
- 5. https://www.theblockbeats.info/en/flash/241497
- 6. https://www.bee.com/24730.html
- 7. https://docs.ethena.fi/ena
- 8. https://www.okx.com/en-us/news/article/ethena-price-forecast-amid-94-million-ena-token-unlock-54011100854592
Allocations
Description
#49
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 |