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ENA

Ethena · Synthetic dollar (USDe)

25 /100
T4Speculative · #49 of 77
No engine yetCould move up ↑low likelihoodReviewed Oct 23, 2026
DemandSoundnessDurability
9 of 459 of 407 of 15

Key facts

SupplyFloat 89% of issued supply
  • Circulating 13.41B, 89%
  • Locked or unvested 1.59B, 11%
  • Max 15.00B
FDV / market cap
1.1x
$2.9B / $2.6B
Market cap
$2.6B
Price $0.197, 7d +0.4%

Market data: CoinGecko, Oct 24, 2026. Scores reviewed Oct 23, 2026.

Assessment

Ethena's revenue sits in the $100M-1B band, but it goes to sUSDe holders and partners, not ENA: the fee switch passed Snapshot on Sep 2, 2026, yet its take rate stays at 0 until USDe's 14-day average reaches $7.5B (~$4.9B on Oct 12). Supply is fixed at 15B, but an owner timelock with a 1-day delay and no holder vote can mint up to 10% a year past the cap after a 365-day wait. Core contributors, investors and the Foundation received 70% with no public sale. Ethena Labs can halt USDe minting and redemption, and holder value depends on the take rate switching on and part of it reaching sENA.

How value reaches holders

Zero protocol revenue reaches sENA today; the May 2026 fee allocation was ~44% sUSDe yield, ~38% partner rewards, ~18% Aave program. The fee switch passed Snapshot Sep 2, 2026 (approved in principle Nov 2024), but its take rate stays at 0 until USDe's 14-day average reaches $7.5B (~$4.9B on Oct 12). The ~$890M StablecoinX/DAT purchases were equity-financed treasury buying; sENA earns ecosystem airdrops (Season 5: ~300M ENA, May 2026), not revenue

Score anatomy

Demand

9 / 45: the stronger of two routes, plus adoption

Why would anyone hold it: does value reach the token, and is the network or product used today?

Holder routing engine input
1

Approved or designed but inert, indirect sinks only, or flows into a treasury or endowment

How this is scored

Revenue reality engine input
4

Scored on protocol revenue that today goes to sUSDe and partners; the approved fee switch would address it

$100M-1B/yrHow this is scored

Monetary usage engine input
0

Governance and sENA staking; no lender holds material ENA collateral (~$0.1M on DefiLlama).

Trading onlyhigh confidenceHow this is scored

Adoption ×3
3

USDe supply $4.6B vs $11.0B a year ago (-58%), #5 stablecoin and still 2.7x Falcon; fees $243M TTM (-46%)

Established: a meaningful, steady share of its categoryhigh confidenceHow this is scored

Two routes, the stronger counts

01234500cash flowmoney
Revenue 4, minus 4 for routing 1 = cash flow 0. Money use 0. The engine is the stronger route: 0.

Soundness

9 / 40

Can a long-term holder trust the rules: supply, float, distribution and control?

Supply discipline ×3
1

Zero issuance today, but the owner timelock (1-day delay, no holder vote) can mint up to 10%/yr past the 15B cap after a 365-day wait: a coded rate in the 7-15% band.

7-15%/yr, or the issuance schedule was raised in the last 24 monthshigh confidenceHow this is scored

Float and unlocks ×1
4

Float 89% (13.41B of 15B, Tokenomist Oct 23, 2026); ~1.59B is left to vest through 2028, next tranche Nov 2, 2026 to core contributors.

Small tails only, or 85%+ of supply liquidhigh confidenceHow this is scored

Distribution ×2
0

Core contributors 30%, investors 25%, Foundation 15%: 70%; the 30% ecosystem pool (airdrops) is Foundation-run; no public sale

Insiders received over 50%, or one organization directs over 30% todayhigh confidenceHow this is scored

Decentralization and security ×2
1

The ENA token is not upgradeable, but Ethena Labs runs the engine: whitelisted USDe minting and redemption it can halt, off-exchange custody, and blacklist roles on USDe and sUSDe

A halt, rollback or exploited consensus bug in the last 24 months, attack cost under $10M, or a foundation-selected validator set or small multisig can halt or upgrade with no meaningful exit windowmedium confidenceHow this is scored

Durability

7 / 15

Is it big, proven and reachable by institutions?

Scale ×1
4

$2.7B market cap (band 4), $421.2M/day median volume (band 4), no flags.

Major: $1-10B market cap and $50M/day+How this is scored

Track record ×1
1

Launched Apr 2, 2024: 2.6 years old.

1-3 yearshigh confidenceHow this is scored

Institutional access ×1
2

Valour Ethena ETP in Europe; no US spot ETF trading.

OTC trust, non-US product, or a pending US filinghigh confidenceHow this is scored

What would move it up

To reach T3 Mixed, 2 gates are still open:

  • Score 25needs 40(open)
  • Value engine 0needs 2(open)
  • Adoption 3gate 2(met)
  • Supply 1gate 1(met)

Tier outlook

Could move up ↑low likelihood

  • Engine rises once USDe's 14-day average reaches $7.5B and the approved take rate switches on (~$4.9B on Oct 12)
  • Routing rises only if an sENA line item appears in the monthly fee-allocation breakdown
  • Supply rises if the owner timelock's 10%/yr mint path past the 15B cap is removed or put behind a holder vote
  • Overhang tail: next core-contributor tranche Nov 2, 2026, with ~1.59B ENA left to vest through 2028

Compare with

How the ranking works and how ENA compares: see the full ranking. This entry as JSON:

GET https://tokens.10102.io/api/v1/tokenomics?symbol=ENA