ENA
ENA is the governance token of Ethena, a synthetic dollar protocol. Governance is advisory via Snapshot signaling; the Dev Multisig executes all decisions. Fee switch received positive forum signals but awaits Snapshot vote and onchain execution.
ENA governance is advisory only. Tokenholders vote via Snapshot, but the Dev Multisig executes all decisions. There is no onchain governance workflow, no timelock, and ENA holders cannot elect or remove multisig signers. The ENA token itself is non-upgradeable, but sENA and rsENA are upgradeable proxies controlled by separate multisigs. Staking contracts include blacklist capabilities with seizure powers.
No active programmatic value accrual to ENA holders. **sUSDe holders receive USDe yield** from protocol operations; **sENA holders do NOT receive this yield**, only ecosystem airdrops. rsENA holders receive Symbiotic restaking rewards. Treasury flows through multisig-controlled wallets. All accrual mechanisms are controlled by multisigs or EOAs, not tokenholders.
All core contracts are verified on Etherscan and open source on GitHub. Multiple security audits completed.
70% insider allocation. Vesting unlocks continue through April 2028 for all categories. Circulating supply is approximately 55% of total.
Trademarks and IP owned by Ethena (BVI) Limited, not controlled by ENA tokenholders. Primary interfaces operate under BVI law. Code is open source but copyright belongs to Ethena Labs.
Stay up-to-date on the latest token reports
Get an email when we publish a new token report or release major updates to the Framework.