ENA · anniversary cliff drives ~808M to market.
Last 90 days: ~808M ENA entered circulation — the April 2, 2026 second-year anniversary cliff was the dominant event. The $890M Ethena treasury accumulation programme absorbed ~300M ENA into long-term holdings. Net +5.63% / 90D. Next 90 days project smaller — no cliff in window, just the ongoing linear vest at ~172M/month plus monthly Foundation tranches.
Fixed 15B cap. No mint function on the ENA ERC-20 — verified via `totalSupply()` on the live block explorer. Supply grows only via scheduled vesting unlocks.
Ongoing 36-month linear vest from Core Contributor + Investor cohorts (post Apr 2, 2025 1-year cliff) at ~172M/month, plus monthly Foundation tranches (~40M each on Jun 2 / Jul 2 / Aug 2). NO big anniversary cliff in next-90D window — smaller than last-90D, which contained the Apr 2, 2026 second-year cliff (~300M).
No public evidence of release in window — monitored. §0.45.3.4 enumeration: Foundation tranches arrive on the vesting schedule (captured in Row #2) and most are routed into the Ethena treasury vehicle for long-term accumulation — a structural off-ramp, NOT a market sale. No separately-disclosed ad-hoc market sales in next 90D.
No bankruptcy estate. Pre-cliff supply already released.
$890M committed Ethena treasury accumulation programme (announced Sep 2025): Ethena Foundation $310M + listed treasury vehicle $530M PIPE. Smoothed cadence ~$30M / 90D at ~$0.10 avg price ≈ ~300M ENA acquired per 90D, held under Foundation sales veto. StablecoinX (Nasdaq ticker USDE, post-TLGY merger Q4 2025–Q1 2026) targets >3B ENA long-term.
No EIP-1559 base-fee burn on ENA. Protocol revenue funds the DAT buyback (Row #1) instead. (Fee switch parameters MET Sep 2025 — USDe > $6B + revenue > $250M — but Risk Committee sign-off + governance vote required. Not fully live as of May 2026.)
The Ethena treasury accumulation programme IS the Foundation-led buy mechanism (captured in Row #1). No separate channel exists.
sENA stakers lock ENA in exchange for a yield-bearing wrapped token; aggregate staked supply is NOT exposed via a single public API. Material but not quantifiable in window.
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