1.41B investor coins unlock at once on Oct 5 2026.
ENA is the governance token of Ethena, the maker of the USDe dollar: 10.10B of 15B coins circulate. Nothing is minted or burned; the rest unlocks on a monthly calendar.
Sell pressure. Unlocks added 801.56M ENA in 90 days. On Oct 5 2026 every remaining investor coin, 1.41B, unlocks at once, so the next 90 days bring about 1.97B.
Buy pressure. Nothing buys ENA back yet: the voted buybacks start only when USDe reaches $7.5B, and it sits near $4.9B.
Net. Net, supply grows 7.94%, then about 19.55% next.
ENA pays no staking rewards and no block rewards. The token contract does let its owner mint up to 10% more once a year, but that has never been used: exactly 15B ENA existed at both ends of the window, and the contract's own record still shows its launch day, Mar 5 2024, as the last mint.
All new ENA comes from the vesting calendar: 93.75M for the team, 78.13M for investors and about 95.31M for the Foundation and ecosystem every month, 267.19M in all, released on Jul 5, Aug 5 and Sep 5 2026. The next 90 days are much bigger: on Oct 5 2026 every remaining investor coin, 1.41B ENA, unlocks at once, and the team, Foundation and ecosystem rounds bring the total to about 1.97B ENA by Dec 31 2026.
Still locked: 4.90B ENA — team 1.69B, investors 1.41B and Foundation plus ecosystem 1.81B — all on the dated calendar above. Part of the Oct 5 investor release goes to the Ethena Foundation, which bought locked coins from early investors in August 2026; it has not said how many. StablecoinX, a listed company controlled by Ethena's operating arm, holds about 3.03B ENA in three wallets that are already counted as circulating; its lock-up ends Oct 5 2026 and sales still need the Foundation's consent.
No estate, court case or trustee is paying out ENA. The one long lock, StablecoinX's 48-month lock-up, sits on coins already counted as circulating, so its end on Oct 5 2026 adds nothing new to the count.
Holders voted in September 2026 to switch on ENA buybacks paid from protocol revenue, starting at 5% once USDe supply averages $7.5B over 14 days. USDe stands near $4.90B, up from $4.45B 90 days ago, so no buying has started and none is expected in the next 90 days. Whether bought ENA will be burned, held or locked is not decided.
No fee is burned. The supply read 15B ENA at both ends of the window and the dead address held the same 2.63 ENA throughout.
The Foundation's August 2026 purchase was of investor coins that were still locked, so no traded ENA left the market. Its size and price were not disclosed.
ENA staked in sENA rose by 136.2M to 1.17B in these 90 days, but staked ENA can be withdrawn after a cooldown and still counts as circulating, so it takes nothing off the count.
Two sides: how much people want ENA right now, and how much buying could come later.
This part is based on social media. It shows how hot ENA is right now. A better rank means more people are talking about it.
Today, people are talking about ENA for two reasons:
On Oct 6 2026, ether.fi and Ethena said the new ether.fi USD stablecoin will be built on Ethena's whitelabel service. Ethena will handle the reserves, minting, redemptions and compliance; no launch date was given. People ask how much new business this brings to Ethena.
USDe supply fell from about $4.98 billion on Oct 7 2026 to about $4.76 billion on Oct 12 2026, a drop of about $220 million. ENA buybacks only start once supply passes $7.5 billion. People ask when, or if, that buyback will switch on.
Checked Oct 12 2026
Supply and demand point to a negative long-run signal for Ethena (Oct 13 2026, score 2.5/10). Ethena adds +19.55% new supply in 90 days, and demand reads modest (2.5/5). Ethena's price drivers: 1 ▲ price up, 0 ▼ price down.
Yes, slowly. USDe supply has grown since April 2026, but it is still only about a third of its Oct 2025 peak. One more thing to watch: StablecoinX holds about 20% of all ENA, and its lock-up ended on Oct 5 2026. Our supply-and-demand read for Ethena stays negative.
Ethena trades near 24.7 cents (Oct 13 2026). $1 a coin means a $10.1B market cap, 4.1 times today's $2.49B. Ethena's supply also grows +36.40% in the next year, so every extra coin needs buyers too. Supply and demand still read negative for Ethena in the long run.
We would read Ethena differently if new supply keeps arriving (+19.55% in 90 days), or demand falls from modest. Until then Ethena's signal stays negative.
Ethena scores 2.5/10 on our framework (Oct 13 2026): supply 0/5 (extreme), demand 2.5/5. Over the next year Ethena's supply changes +36.40%. The long-run signal is negative.
Supply and demand favor Ethena most when little new supply is coming, demand is strong and the price drivers point up. Right now Ethena has +19.55% new supply in 90 days (extreme), demand modest (2.5/5), drivers 1 ▲ / 0 ▼.
Ethena's price drivers today: 1 pointing up, 0 pointing down, out of 2. ▲ USDe supply: About a third of its Oct 2025 peak; up since April 2026. • StablecoinX's ENA: Holds ~20% of all ENA; its lock-up ended Oct 5 2026.
Ethena: negative signal, 2.5/10 · Bitcoin: positive signal, 8.5/10 (Oct 13 2026). By supply and demand, Ethena reads weaker than Bitcoin today.
Every answer here applies basic economic theory — the law of supply and demand — to this coin's data. It is not financial advice. How we read every coin →
We look at two things, half each: supply and demand. Fewer new coins mean less selling pressure. A meme coin scores 1.5 at most on supply: its team got its coins for free, so no new supply does not make it safe. We also show each coin's age, with a warning when it is younger than 1 year. Demand looks at how much people want the coin now and how much buying could come later. Price Drivers (Beta) are the 2 or 3 things that can move one coin's price that supply and demand miss; they have no score. ENA supply grows +19.55% in the next 90 days, so it shows in red: more ENA reaches the market than is removed. Zero or falling supply is always green, any growth is red.
One email before each big supply event, and the day our verdict changes. Nothing else. You can watch 2 coins for free.
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