Ethena (ENA) 171.88MM Token Unlock

The unlock of 171.88 million ENA tokens, valued at approximately $43.7 million based on recent prices, represents 2.95% of Ethena’s circulating supply of 5.82 billion tokens. These tokens, part of Ethena’s vesting schedule, are allocated to the Ethena Foundation to support protocol development and ecosystem stability. ENA, the governance token for Ethena Labs, empowers holders to vote on protocol upgrades, with USDe maintaining a $5.9 billion market cap as a top-5 stablecoin. Token unlocks often increase circulating supply, potentially causing short-term price volatility as markets absorb the new tokens. Ethena’s previous unlocks, like the 40.63 million ENA release on July 2, 2025, saw minor price dips but no sustained downturn, suggesting resilience.

Recent News

Ethena has been making waves in DeFi. In June 2025, Coinbase added ENA to its listing roadmap, boosting its price by 8.6% and enhancing liquidity. The protocol’s USDe stablecoin, offering up to 37% APY, has driven explosive growth, briefly surpassing DAI’s market cap between December 2024 and March 2025. In Q1 2025, Ethena announced plans for iUSDe, a regulated savings product targeting traditional finance with ~20% APY, set to launch with major partners. These milestones highlight Ethena’s ambition to bridge DeFi and TradFi, though a 17% price decline over the past month reflects cautious market sentiment ahead of unlocks.

Future Plans

Ethena’s roadmap is packed with innovation. The iUSDe product aims to attract institutional investors by offering high yields that increase as interest rates fall, positioning Ethena uniquely in DeFi. The protocol is also developing a neobank-like experience to enhance user accessibility. Long-term, Ethena plans to expand USDe’s integration across DeFi platforms and pursue partnerships to boost adoption. Analysts project ENA could reach $0.72–$1.52 by year-end, though bearish forecasts suggest a drop to $0.26 if market conditions weaken.

Onchain Data

Ethena’s onchain activity remains robust. Its Total Value Locked (TVL) stands at $5.935 billion, ranking it among top DeFi protocols. ENA’s 24-hour trading volume recently hit $239.36 million, though it’s down 18.65% from prior levels, signaling cautious trading. With 39% of the 15 billion total ENA supply in circulation, the unlock will increase available tokens, potentially impacting liquidity. Specific wallet activity or staking metrics are unavailable, but whale accumulation and rising futures open interest suggest underlying demand.

Community Sentiment

On X, sentiment is mixed. Posts highlight the unlock’s potential for volatility, with some traders bracing for sell-side pressure. Others are bullish, citing Ethena’s strong fundamentals and iUSDe’s TradFi appeal. Influencers like @Kingpincrypto12 have criticized ENA’s tokenomics, pointing to the large 30% allocation to contributors as a price drag. Despite this, optimism persists around Ethena’s DeFi leadership and stablecoin growth.

Market Insights & Risks

Token unlocks often spark short-term volatility, especially in a market with $484 million in unlocks this week across projects like SUI and ZETA. ENA’s price, currently at $0.2546, is near key support at $0.22; a break below could test $0.245, while a rebound above $0.32 may signal recovery. Investors should monitor broader market trends, as falling U.S. inflation could boost risk-on sentiment. Risk Disclaimer: Token unlocks can lead to price swings or sell-offs. Always conduct your own research and consider market conditions before trading.