Tokenómica de Ethena (ENA)
Información de Ethena (ENA)
Ethena is a synthetic dollar protocol built on Ethereum that will provide a crypto-native solution for money not reliant on traditional banking system infrastructure.
Tokenómica y análisis de precio de Ethena (ENA)
Explora los datos clave de la tokenómica y el precio de Ethena (ENA), incluyendo la capitalización de mercado, detalles de suministro, FDV e historial de precios. Comprende el valor actual del token y su posición en el mercado de un vistazo.
Estructura detallada del token Ethena (ENA)
Profundiza en cómo se emiten, asignan y desbloquean los tokens ENA. Esta sección destaca aspectos clave de la estructura económica del token: utilidad, incentivos y calendario de desbloqueo.
Ethena’s token ecosystem is built around two primary tokens: ENA (the governance and incentive token) and USDe (the synthetic stablecoin). Below is a comprehensive breakdown of their token economics, including issuance, allocation, usage, incentives, locking, and unlocking mechanisms.
Issuance Mechanism
- ENA: Deployed as an ERC-20 token on Ethereum on April 2, 2024, with a total supply of 15 billion tokens. The contract allows for up to 10% additional minting per year, but the next possible mint is not until April 2, 2025, due to a one-year waiting period after the initial mint.
- USDe: Minted by depositing collateral (stETH, ETH, BTC, SOL, mETH, WETH, USDT, USDC, USDtb) into the Ethena protocol. Whitelisted users can mint/redeem USDe at a 1:1 USD ratio, with the protocol opening a 1x short perpetual position to maintain a delta-neutral, stable value.
Allocation Mechanism
ENA Token Allocation Table
| Allocation Recipient | % of Total Supply | Unlock Schedule / Notes |
|---|---|---|
| Core Contributors | 30% | 1-year 25% cliff, then 3-year linear monthly vesting. No unlock before 1 year. |
| Investors | 25% | 1-year 25% cliff, then 3-year linear monthly vesting. No unlock before 1 year. |
| Ecosystem Development & Airdrops | 30% | 10% airdropped in first/second season rewards; remainder for future campaigns, DAO multisig. |
| Foundation | 15% | Used for development, audits, risk, and expansion. Unlock details not fully disclosed. |
Sample Unlock Events (from on-chain data):
| Date | Recipient | Amount Unlocked | Granularity | Description |
|---|---|---|---|---|
| 2024-03-06 | Airdrop | 450,000,000 | Instant | 10% of ecosystem allocation, first/second season rewards |
| 2024-07-05 | Ecosystem Development | 500,000,000 | Instant | Part of 30% allocation |
| 2025-03-06 | Ecosystem Development | 3,550,000,000 | Monthly | Part of 30% allocation |
| 2025-03-06 | Core Contributors | 1,125,000,000 | Instant | 1-year cliff, then monthly vesting |
| 2025-03-06 | Investors | 937,500,000 | Instant | 1-year cliff, then monthly vesting |
| 2025-03-06 | Foundation | 2,250,000,000 | Monthly | Unlock details not fully disclosed |
| 2025-04-06 | Core Contributors | 3,375,000,000 | Monthly | Ongoing vesting |
| 2025-04-06 | Investors | 2,812,500,000 | Monthly | Ongoing vesting |
Usage and Incentive Mechanism
ENA
- Governance: ENA is primarily a governance token. Holders can vote on protocol parameters, risk management, collateral composition, exchange/custodian exposure, DEX integrations, cross-chain initiatives, product prioritization, community grants, and Reserve Fund management.
- Staking (sENA): ENA can be locked to receive sENA, a liquid receipt token. sENA holders earn rewards, including unclaimed ENA from airdrop distributions and a share of future protocol revenues (e.g., 15% of Ethereal DEX token supply).
- Restaking: ENA can be restaked in partnership with Symbiotic to provide economic security for cross-chain USDe transfers and future Ethena Network applications.
USDe
- Stablecoin Utility: USDe is used as a synthetic, yield-bearing stablecoin, maintaining a 1:1 USD peg via delta-neutral hedging (shorting ETH/BTC perps against staked collateral).
- Staking (sUSDe): USDe can be staked to receive sUSDe, which accrues yield from both staked ETH and funding rates from short positions. sUSDe APY was reported at 27% as of December 2024.
- Liquidity Incentives: Users are incentivized to provide USDe liquidity on protocols like Curve and Uniswap through campaigns (e.g., Shard and Sats campaigns).
- Points Campaigns: Users earn “Shards” or “Sats” by holding, staking, locking, or providing liquidity with USDe. These points are used for airdrop eligibility and further incentives.
Shard Distribution Example (Feb 29, 2024)
| Activity | TVL ($M) | Shard Boost (per $/day) | New Shards Distributed (M) |
|---|---|---|---|
| Locking LP Tokens | 125 | 20 | 2,500 |
| Hold Pendle USDe YT or SY in Pool | 59 | 10 | 590 |
| Lock USDe | 160 | 10 | 1,597 |
| Buy and Hold USDe | 104 | 5 | 519 |
| Stake and Hold sUSDe | 195 | 1 | 195 |
| Invite Bonus | (est.) | 10% | 54 |
| Total | 580 | — | 5,455 |
Locking Mechanism
- ENA: Locking ENA yields sENA, which is composable in DeFi and earns protocol rewards. Locking aligns users with long-term protocol growth.
- USDe: Users can lock USDe to earn boosted points (Sats) in campaigns. Staked USDe (sUSDe) can be unlocked with a 7-day waiting period.
- Vesting: Core contributors and investors are subject to a 1-year cliff (no unlocks before 1 year), followed by 3 years of linear monthly vesting.
Unlocking Time
- Airdrop Recipients: Some airdrop allocations (e.g., top 2,000 leaderboard addresses) are subject to a 6-month linear vesting for half of their ENA.
- Core Contributors & Investors: 1-year 25% cliff, then 3-year linear monthly vesting.
- Ecosystem & Foundation: Unlocks are scheduled, with some instant and some monthly, as detailed in the allocation table above.
- Recent Unlocks: No new unlocks occurred in the week leading up to August 19, 2025.
Additional Notes
- Governance: ENA holders can participate in governance via forums and Snapshot voting.
- Protocol Control: The project team controls key multi-sigs for contract administration and the Reserve Fund, though some funds are managed by a DAO-controlled multisig.
- Risks: Ethena’s model exposes users to smart contract, custody, liquidation, and funding rate risks. The protocol maintains an insurance fund to cover negative yield periods.
Summary Table: ENA Token Allocation & Unlocks
| Recipient | % Supply | Unlock Start | Vesting/Unlock Details |
|---|---|---|---|
| Core Contributors | 30% | 2025-03-06 | 1yr 25% cliff, 3yr linear monthly vesting |
| Investors | 25% | 2025-03-06 | 1yr 25% cliff, 3yr linear monthly vesting |
| Ecosystem & Airdrops | 30% | 2024-03-06 | 10% airdrop, rest for campaigns, DAO multisig |
| Foundation | 15% | 2025-03-06 | Monthly unlocks, details not fully disclosed |
References
- Ethena Docs: Tokenomics
- Ethena Docs: USDe Overview
- Ethena Docs: USDe Terms and Conditions
- Ethena Governance
- Ethena sENA Staking
Implications and Considerations
- Incentive Design: Ethena’s use of points (Shards/Sats) and staged airdrops is designed to bootstrap liquidity and user engagement, but the sustainability of these incentives will depend on the protocol’s ability to generate real yield and maintain user trust.
- Vesting and Unlocks: The long vesting schedules for core contributors and investors are intended to align long-term interests, but large unlocks could introduce supply pressure at cliff dates.
- Governance Evolution: As ENA governance matures, community participation and DAO control are expected to increase, but currently, the project team retains significant control via multi-sigs.
- Risk Management: The delta-neutral hedging model is innovative but exposes the protocol to funding rate and counterparty risks, mitigated in part by the insurance fund.
This comprehensive overview should provide a clear understanding of Ethena’s token economics, mechanisms, and incentive structures as of August 2025.
Tokenómica de Ethena (ENA): Métricas clave explicadas y casos de uso
Entender la tokenómica de Ethena (ENA) es esencial para analizar su valor a largo plazo, sostenibilidad y potencial.
Métricas clave y cómo se calculan:
Suministro total:
El número máximo de tokens ENA que se han creado o se crearán jamás.
Suministro circulante:
El número de tokens actualmente disponibles en el mercado y en manos del público.
Suministro máx.:
El límite máximo de tokens ENA que pueden existir en total.
FDV (Valoración totalmente diluida):
Calculado como el precio actual × el suministro máximo, lo que da una proyección de la capitalización total del mercado si todos los tokens estuvieran en circulación.
Tasa de inflación:
Refleja la velocidad a la que se introducen nuevos tokens, lo que afecta la escasez y el movimiento del precio a largo plazo.
¿Por qué importan estas métricas para los traders?
Alto suministro circulante = mayor liquidez.
Suministro máximo limitado + baja inflación = potencial de apreciación del precio a largo plazo.
Distribución de tokens transparente = mayor confianza en el proyecto y menor riesgo de control.
Alta FDV con baja capitalización de mercado actual = posibles señales de sobrevaloración.
Ahora que entiendes la tokenómica de ENA ¡explora el precio en vivo del token ENA!
Cómo comprar ENA
¿Interesado en agregar Ethena (ENA) a tu portafolio? MEXC admite varios métodos para comprar ENA, incluidos tarjetas de crédito, transferencias bancarias y operaciones entre pares. Ya seas principiante o profesional, MEXC hace que la compra de criptomonedas sea fácil y segura.
Historial de precios de Ethena (ENA)
Analizar el historial de precios de ENA ayuda a los usuarios a comprender los movimientos pasados del mercado, los niveles clave de soporte/resistencia y los patrones de volatilidad. Ya sea que estés rastreando los máximos históricos o identificando tendencias, los datos históricos son una parte crucial de la predicción de precios y el análisis técnico.
Predicción de precios de ENA
¿Quieres saber hacia dónde podría dirigirse ENA? Nuestra página de predicción de precios de ENA combina el sentimiento del mercado, tendencias históricas e indicadores técnicos para ofrecerte una visión prospectiva.
¿Por qué deberías elegir MEXC?
MEXC es uno de los principales exchanges de criptomonedas del mundo, confiado por millones de usuarios a nivel global. Ya seas principiante o experto, MEXC es tu forma más fácil de acceder a las criptomonedas.
Aviso legal
Los datos de la tokenómica en esta página provienen de fuentes externas. MEXC no garantiza su exactitud. Realiza una investigación exhaustiva antes de invertir.
Comprar Ethena (ENA)
Monto
1 ENA = 0.6702 USD