Ethena is a synthetic dollar protocol built on Ethereum. Its stablecoin USDe is backed by delta-neutral positions on crypto derivatives. ENA holders govern the protocol and accrue a share of the protocol's revenue via sENA staking.
Ethena (ENA) launched its token on Apr 2, 2024 on the Ethereum blockchain. The total supply is 15.00B ENA tokens, of which 53.2% (7.98B) have been unlocked to date. 7.02B ENA tokens remain subject to vesting schedules. The next scheduled unlock event is on Aug 2, 2026, releasing 78.1M tokens (0.52% of supply) from the Ecosystem allocation, valued at approximately $7.0M at current prices.
When is the next ENA token unlock?
The next ENA unlock is scheduled for Aug 2, 2026, in 6 days. 78.1M tokens (0.52% of total supply) from the Ecosystem allocation will be released.
What percentage of ENA is still locked?
46.8% of the total 15.00B ENA supply — equivalent to 7.02B tokens — remains locked in vesting contracts. The remaining 53.2% (7.98B tokens) has already been released since the TGE on Apr 2, 2024.
How does Ethena's vesting schedule work?
Ethena uses a multi-tranche vesting structure with 5 allocation categories. Tokens are distributed over time using linear monthly vesting, often with an initial cliff period before the first release. The largest tranches are: Airdrop Season 1 (5.0%), Ecosystem & Growth (25.0%), Foundation (15.0%).