Ethena

ENALow Risk

Ethena synthetic dollar protocol. 15B supply, ~19% circulating. Foundation/team/investors vesting + protocol emissions create persistent pressure.

$0.07

Last updated: 2026-07-01

Next Major Unlock

2026-04-02 · 250.00M tokens · 8.90% of circulatinginvestors

Upcoming supply expansion detected.

Market Cap

$666.07M

FDV

$1.08B

Daily Volume

$192.74M

30d Unlock Pressure

0.00%

90d Unlock Pressure

2.69%

Unlocks (12mo Tokens)

600.00M

Unlocks (12mo USD)

$480.00M

Annual Inflation

16.1%

Dilution Risk Score

4-factor transparent formula — no black-box scoring

18/100

LowDilution Risk

Low dilution risk. Supply expansion is minimal and well-distributed. Not complacency — check emissions regularly.

Forward Supply Growth4/25

Unlock Concentration2/25

Emissions Velocity0/25

Historical Absorption12/25

Emissions & Inflation

sENA Staking Rewards10.7% / yr

300.00M tokens/year

Protocol Growth Fund5.4% / yr

150.00M tokens/year

Total Annual Inflation16.1%

Data Source

Data confidencehigh

Last updated2026-07-01

Full source: hand-researched from project docs, airdrop rules, and on-chain vesting contracts.

Supply Expansion Timeline

Circulating Supply Over Time

24-month forward view · Daily data aggregated monthly

HistoricalProjectedCliff

Circulating Now

9.29B

Total Supply

15.00B

Max Supply

15.00B

Unlock Calendar

Upcoming Unlocks

Next 12 events · % of current circulating supply

TeamInvestors

Date	Event	Source	Type	Amount	% Circ.	USD Value
2026-04-02	Investor Year 1 Cliff	Investors	Cliff	250.00M	2.69%	$200.0M
2026-07-02	Team Year 1 Cliff	Team	Cliff	150.00M	1.61%	$120.0M
2026-10-02	Investor Q3 Tranche	Investors	Cliff	250.00M	2.69%	$200.0M
2027-04-02	Team Year 2	Team	Cliff	200.00M	2.15%	$160.0M

Historical Precedent

Historical Price vs. Unlock Events

Past 12 months · Vertical lines mark past unlock events