Ethena(ENA)代幣經濟學
Ethena(ENA)資訊
Ethena 是一種基於以太坊的合成美元協議,將為不依賴傳統銀行系統基礎設施的貨幣提供加密原生解決方案。
Ethena(ENA)代幣經濟學和價格數據分析
快速了解 Ethena(ENA)的代幣經濟數據,包括市值、供應量、FDV 和歷史價格,幫助您輕鬆掌握幣種現狀與市場表現。
Ethena(ENA)深度代幣結構解析
深入了解 ENA 的代幣發行、分配與解鎖機制。本部分涵蓋代幣用途、激勵模式和解鎖計劃。
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.
Ethena(ENA)代幣經濟模型:關鍵指標與應用場景
了解 Ethena(ENA)的代幣經濟模型,對於分析其長期價值、可持續性和發展潛力至關重要。
關鍵代幣經濟指標及其計算方式:
總供應量(Total Supply):
已創建或將要創建的 ENA 代幣的最大數量。
流通供應量(Circulating Supply):
目前市場上可供交易和公眾持有的代幣數量。
最大供應量(Max Supply):
ENA 代幣可能存在的總數量上限。
完全稀釋估值(FDV):
目前價格 × 最大供應量,預測所有代幣完全流通時的總市值。
通脹率(Inflation Rate):
反映新代幣發行的速度,影響稀缺性及長期價格走勢。
為什麼這些代幣經濟指標對交易者很重要?
流通供應量高 = 流動性強。
最大供應量有限 + 低通脹率 = 具備長期價格上漲潛力。
代幣分配透明 = 增強項目信任度,降低中心化風險。
FDV 高而目前市值低 = 可能存在高估風險的訊號。
現在您已經了解了 ENA 代幣經濟模型的功能,趕快查看 ENA 代幣的實時價格吧!
如何購買 ENA
想將 Ethena(ENA)添加到您的投資組合中嗎?MEXC 提供多種購買 ENA 的方式,包括信用卡、銀行轉帳和點對點交易。無論您是新手還是專業用戶,MEXC 都能讓您輕鬆、安全地購買加密貨幣。
Ethena(ENA)價格歷史
分析 ENA 的價格歷史有助於用戶了解過去的市場走勢、關鍵支撐/阻力位以及波動模式。無論是追蹤歷史最高價,還是識別趨勢,歷史數據都是價格預測和技術分析的重要組成部分。
為什麼選擇 MEXC?
MEXC 是全球領先的加密貨幣交易所,深受全球數百萬用戶信賴。無論您是新手還是資深交易者,MEXC 都是您進入加密世界的最便捷途徑。








免責聲明
代幣經濟數據來自第三方。MEXC 不保證其準確性。請在做出任何投資決策前自行審慎評估。