Ethena(ENA)代幣經濟學

Ethena(ENA)代幣經濟學

深入了解 Ethena(ENA),包括其代幣供應、分配模型以及實時市場數據。
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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。

市值:
$ 4.18B
$ 4.18B$ 4.18B
總供應量:
$ 15.00B
$ 15.00B$ 15.00B
流通量:
$ 6.89B
$ 6.89B$ 6.89B
FDV (完全稀釋估值):
$ 9.11B
$ 9.11B$ 9.11B
最高價:
$ 1.521
$ 1.521$ 1.521
最低價:
$ 0.19527090297328784
$ 0.19527090297328784$ 0.19527090297328784
目前價格:
$ 0.6071
$ 0.6071$ 0.6071

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 SupplyVesting/Unlock Details
Core Contributors30%1-year 25% cliff, then 3-year linear monthly vesting; no unlock before cliff
Investors25%1-year 25% cliff, then 3-year linear monthly vesting; no unlock before cliff
Ecosystem & Airdrops30%10% airdropped in first/second rewards seasons; remainder for future campaigns, held by DAO multisig
Foundation15%Used for development, risk, audits, etc.; unlock schedule not fully disclosed

Unlocking Schedule Table

RecipientDescriptionStart DateGranularityPeriodsAmount per PeriodNotes
Airdrop10% of ecosystem allocation, first/second rewards2024-03-06Instant1450,000,000Immediate unlock for airdrop
Ecosystem Dev.30% allocation, various initiatives2024-07-05Instant1500,000,000Immediate unlock for campaign
Ecosystem Dev.30% allocation, various initiatives2025-03-06Monthly363,550,000,000Linear vesting over 3 years
Core Contributors1-year cliff, 3-year linear vesting2025-03-06Instant11,125,000,000Cliff unlock
Investors1-year cliff, 3-year linear vesting2025-03-06Instant1937,500,000Cliff unlock
FoundationTeam has not disclosed unlock dates2025-03-06Monthly362,250,000,000Linear vesting over 3 years
Core Contributors1-year cliff, 3-year linear vesting2025-04-06Monthly363,375,000,000Linear vesting over 3 years
Investors1-year cliff, 3-year linear vesting2025-04-06Monthly362,812,500,000Linear 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)
ActivityTVL ($M)Shard Boost (per $/day)New Shards Distributed (M)
Locking LP Tokens125202,500
Hold Pendle USDe YT/SY in Pool5910590
Lock USDe160101,597
Buy and Hold USDe1045519
Stake and Hold sUSDe1951195
Invite Bonus~10%10%54
Total5805,455

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

MechanismDetails
Issuance15B ENA, initial mint April 2024, strict annual mint cap
Allocation30% Core Contributors, 25% Investors, 30% Ecosystem/Airdrops, 15% Foundation
UsageGovernance, staking (sENA), restaking, DeFi composability
IncentivesPoints (shards/Sats) for USDe activities, sENA rewards, airdrops
LockingENA for sENA, USDe for Sats, 7-day unlock for sUSDe/locked USDe, 6-month vesting for airdrop
Unlocking1-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

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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。

ENA 價格預測

想知道 ENA 的未來走勢嗎?我們的 ENA 價格預測頁面結合市場情緒、歷史趨勢和技術指標,為您提供前瞻性的觀點。

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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。