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 economics are multifaceted, involving both its governance token (ENA) and its synthetic stablecoin (USDe). Below is a comprehensive breakdown of the issuance, allocation, usage, incentive, locking, and unlocking mechanisms, with tables and detailed explanations.
Issuance Mechanism
ENA (Governance Token)
- Total Supply: 15 billion ENA.
- Initial Mint: The ENA token was deployed on April 2, 2024. The initial mint counts as the first and only mint until at least April 2, 2025, due to a restriction that allows up to 10% of the total supply to be minted only once every 365 days.
- Control: The project team controls a four-of-eight multi-sig wallet with minting authority, but future mints are strictly limited.
USDe (Synthetic Stablecoin)
- Minting: Users deposit stETH, ETH, BTC, SOL, or other supported assets to mint USDe at a 1:1 USD ratio. Only whitelisted users (who pass KYC/KYB) can mint/redeem directly; others can acquire USDe via liquidity pools.
- Peg Stability: USDe maintains its peg through delta-neutral hedging—when a user deposits stETH, the protocol opens a 1x short ETH perpetual position on a CEX, offsetting price risk.
Allocation Mechanism
ENA Allocation Table
Allocation Category | % of Total Supply | Vesting/Unlock Details |
---|---|---|
Core Contributors | 30% | 1-year 25% cliff, then 3-year linear monthly vesting; no unlock before cliff |
Investors | 25% | 1-year 25% cliff, then 3-year linear monthly vesting; no unlock before cliff |
Ecosystem & Airdrops | 30% | 10% airdropped in first/second rewards seasons; remainder for future campaigns, held by DAO multisig |
Foundation | 15% | Used for development, risk, audits, etc.; unlock schedule not fully disclosed |
Unlocking Schedule Table
Recipient | Description | Start Date | Granularity | Periods | Amount per Period | Notes |
---|---|---|---|---|---|---|
Airdrop | 10% of ecosystem allocation, first/second rewards | 2024-03-06 | Instant | 1 | 450,000,000 | Immediate unlock for airdrop |
Ecosystem Dev. | 30% allocation, various initiatives | 2024-07-05 | Instant | 1 | 500,000,000 | Immediate unlock for campaign |
Ecosystem Dev. | 30% allocation, various initiatives | 2025-03-06 | Monthly | 36 | 3,550,000,000 | Linear vesting over 3 years |
Core Contributors | 1-year cliff, 3-year linear vesting | 2025-03-06 | Instant | 1 | 1,125,000,000 | Cliff unlock |
Investors | 1-year cliff, 3-year linear vesting | 2025-03-06 | Instant | 1 | 937,500,000 | Cliff unlock |
Foundation | Team has not disclosed unlock dates | 2025-03-06 | Monthly | 36 | 2,250,000,000 | Linear vesting over 3 years |
Core Contributors | 1-year cliff, 3-year linear vesting | 2025-04-06 | Monthly | 36 | 3,375,000,000 | Linear vesting over 3 years |
Investors | 1-year cliff, 3-year linear vesting | 2025-04-06 | Monthly | 36 | 2,812,500,000 | Linear vesting over 3 years |
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, reserve fund management, and yield distribution.
- Staking (sENA): Users can lock ENA to receive sENA, a liquid receipt token. sENA holders earn rewards, including unclaimed ENA from airdrop distributions and a share of future protocol revenues. sENA is composable in DeFi and earns additional rewards from associated projects (e.g., Ethereal).
- Restaking: ENA can be restaked in partnership with Symbiotic to provide economic security for cross-chain USDe transfers.
USDe
- Stablecoin Utility: USDe is used as a stable, yield-bearing asset. It can be staked to receive sUSDe, which accrues yield from staked ETH and funding rates from short positions.
- Liquidity Incentives: Users are incentivized to provide USDe liquidity on platforms like Curve and Uniswap via 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 other rewards.
Example: Shard Distribution (as of 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/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 | ~10% | 10% | 54 |
Total | 580 | — | 5,455 |
Locking Mechanism
- ENA Locking: ENA can be locked to receive sENA, which is liquid and can be used in DeFi. Locking aligns users with long-term protocol growth and provides access to additional rewards.
- USDe Locking: USDe can be locked to earn boosted points (Sats) in campaigns. Staked USDe (sUSDe) can be unstaked with a 7-day unlock period.
- Airdrop Vesting: For the top 2,000 addresses in the Shard Campaign, half of the ENA airdrop is subject to a 6-month linear vesting period.
Unlocking Time
- ENA Unlocks: Core contributors and investors have a 1-year cliff, then 3-year linear monthly vesting. Ecosystem and airdrop allocations have both instant and linear vesting components.
- USDe/sUSDe Unlocks: Unstaking/withdrawing sUSDe or locked USDe requires a 7-day unlock period.
- Airdrop Unlocks: Immediate for most, but top campaign participants have a 6-month linear vesting for half their allocation.
Additional Notes and Implications
- Governance Evolution: While ENA is designed for governance, as of April 2024, the governance process is not fully decentralized; the project team retains significant control via multi-sig wallets.
- Yield Sustainability: USDe’s yield is derived from the ETH carry trade (staking yield + funding rate from shorting ETH). If market inefficiencies close, yields may decrease, impacting incentives.
- Risk Management: Ethena maintains a Reserve Fund to cover periods of negative yield and act as a bidder of last resort for USDe, enhancing stability but introducing centralization and custody risks.
- Composability: Both ENA and USDe are designed to be composable across DeFi, with sENA and sUSDe as liquid, reward-bearing tokens.
Summary Table: ENA Tokenomics
Mechanism | Details |
---|---|
Issuance | 15B ENA, initial mint April 2024, strict annual mint cap |
Allocation | 30% Core Contributors, 25% Investors, 30% Ecosystem/Airdrops, 15% Foundation |
Usage | Governance, staking (sENA), restaking, DeFi composability |
Incentives | Points (shards/Sats) for USDe activities, sENA rewards, airdrops |
Locking | ENA for sENA, USDe for Sats, 7-day unlock for sUSDe/locked USDe, 6-month vesting for airdrop |
Unlocking | 1-year cliff + 3-year vesting for team/investors, instant/linear for ecosystem/airdrops |
References for Further Reading
- Ethena Tokenomics Documentation
- USDe Overview
- Rewards Mechanism Explanation
- USDe Terms and Conditions
In conclusion: Ethena’s token economics are designed to bootstrap growth through strong incentives, align long-term stakeholders via vesting and locking, and maintain stability through a delta-neutral synthetic dollar mechanism. The system is complex, with evolving governance and risk management, and its long-term sustainability will depend on the protocol’s ability to adapt as market conditions change.
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。