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在 MEXC 上探索 Ethena（ENA）的代币经济。了解 ENA 代币的总供应量、分配机制、流通市值、交易量等信息，实时掌握市场动态！在 MEXC 上探索 Ethena（ENA）的代币经济。了解 ENA 代币的总供应量、分配机制、流通市值、交易量等信息，实时掌握市场动态！

Ethena（ENA）代币经济学

深入了解 Ethena（ENA），包括其代币供应、分配模型以及实时市场数据。

更新时间：2026-01-21 11:05:17 (UTC+8)

汇率

USD

Ethena（ENA）代币经济学和价格数据分析

快速了解 Ethena（ENA）的代币经济数据，包括市值、供应量、FDV 和历史价格，帮助您轻松掌握币种现状与市场表现。

市值：

$ 1.46B

$ 1.46B$ 1.46B

总供应量：

$ 15.00B

$ 15.00B$ 15.00B

流通量：

$ 7.96B

$ 7.96B$ 7.96B

FDV (完全稀释估值)：

$ 2.74B

$ 2.74B$ 2.74B

最高价：

$ 1.521

$ 1.521$ 1.521

最低价：

$ 0.1791893371311441

$ 0.1791893371311441$ 0.1791893371311441

当前价格：

$ 0.1829

$ 0.1829$ 0.1829

了解更多 Ethena（ENA）价格

Ethena（ENA）信息

Ethena 是一种基于以太坊的合成美元协议，将为不依赖传统银行系统基础设施的货币提供加密原生解决方案。

币种官网：

https://www.ethena.fi/

币种白皮书：

https://ethena-labs.gitbook.io/ethena-labs/

区块查询：

https://etherscan.io/token/0x57e114B691Db790C35207b2e685D4A43181e6061

Ethena（ENA）深度代币结构解析

深入了解 ENA 的代币发行、分配与解锁机制。本部分涵盖代币用途、激励模式和解锁计划。

ENA Token Information and Allocation

The Ethena protocol's governance token, ENA, is an ERC-20 token deployed on Ethereum with a Total Supply of 15,000,000,000 ENA. The token distribution is structured across five main categories:

Allocation Category	Percentage of Total Supply	Amount (ENA)
Team (Core Contributors)	30%	4,500,000,000
Investors	25%	3,750,000,000
Ecosystem Development and Airdrops	28%	4,200,000,000
Foundation	15%	2,250,000,000
Binance Launchpool	2%	300,000,000
Total	100%	15,000,000,000

The Ecosystem Development and Airdrops allocation is intended for various initiatives, including incentive campaigns. For instance, the first season of the Shard Campaign airdropped 5% of the total ENA supply (750 million ENA) to participants.

Issuance and Inflation Mechanism

The ENA token utilizes a dynamic issuance/burn mechanism. While the initial total supply is 15 billion ENA, the token contract includes a controlled inflation mechanism.

The project team, which controls a four-of-eight multi-sig serving as the "owner" of the ENA contract, has the ability to mint additional ENA tokens via a "mint" function. This function is subject to strict limitations:

Maximum Inflation: The function can mint up to 10.00% of the total token supply.
Minting Frequency: It can only be called once every 365 days.
Initial Lock: The initial minting of ENA counted as a call, meaning additional tokens cannot be minted until at least April 2, 2025.

Usage and Incentive Mechanism

ENA's primary utility is for governance of the Ethena protocol. ENA tokenholders are planned to be able to vote on proposals concerning critical aspects of the protocol's operation, including:

General risk management frameworks
Composition of the USDe collateral backing
Exposure to exchanges and custodians
Decentralized Exchange (DEX) and cross-chain integrations
New product prioritization and community grants
Sizing and composition of the Reserve Fund
Distribution allocation between sUSDe tokenholders and the Reserve Fund

As of April 2024, ENA had no live functions, but a tokenholder-based governance process is planned for the future.

Incentive Campaigns (Shards and Sats)

Ethena uses incentive campaigns to drive adoption and liquidity for its synthetic dollar, USDe.

Shard Campaign (Past): This campaign concluded on April 1, 2024, rewarding users with "Shards" for activities such as holding, locking, staking USDe, and providing USDe liquidity. The first airdrop of ENA was distributed based on these Shards.
Sats Campaign (Current/Future): Launched on April 2, 2024, this campaign allows users to earn "Sats" through similar actions (holding, locking, staking USDe, providing liquidity) and through campaigns with partner protocols like Pendle, Gearbox, and Mantle. The Sats Campaign is set to conclude in the earlier of either five months (September 2, 2024) or when USDe's supply reaches 5 billion.

Locking and Unlocking Mechanisms

The ENA token allocation for Core Contributors and Investors is subject to a strict vesting schedule designed to ensure long-term alignment with the protocol's success.

ENA Vesting Schedule

Both Core Contributors (30%) and Investors (25%) are subject to the same vesting terms:

Lock-up Period: A 1-year cliff from the token launch date.
Vesting: After the 1-year cliff, tokens vest linearly over 3 years on a monthly basis.
Cliff Unlock: At the 1-year cliff, 25% of the total allocated tokens for these groups will unlock.

USDe/sUSDe Unlocking

For users holding the staked version of the synthetic dollar, sUSDe, or USDe lockers, there is a mechanism for withdrawal:

Unlocking Process: sUSDe tokenholders or USDe lockers can initiate an unstaking/unlocking process at any time.
Cooldown Period: This process takes seven days to conclude, after which the user can withdraw the underlying USDe. The DEFAULT_ADMIN_ROLE of the Ethena Staking contract can set this cooldown duration up to a maximum of 90 days.

ENA Token Unlock Schedule

The vesting schedule for ENA tokens results in significant monthly unlocks for the Core Contributors and Investors starting after the initial 1-year cliff. The following table details the largest upcoming monthly unlocks, showing the amount of ENA released and its impact on the circulating supply:

Unlock Date	Unlocked Amount (ENA)	Percentage of Circulating Supply
2028-03-06	171,875,000	2.23%
2028-02-06	332,986,111	4.33%
2028-01-06	332,986,111	4.33%
2027-12-06	332,986,111	4.33%
2027-11-06	332,986,111	4.33%
2027-10-06	332,986,111	4.33%
2027-09-06	332,986,111	4.33%
2027-08-06	332,986,111	4.33%
2027-07-06	332,986,111	4.33%
2027-06-06	332,986,111	4.33%

These monthly unlocks, which represent a substantial portion of the circulating supply, are part of the linear vesting schedule for the Core Contributor and Investor allocations.