ENA · a capped token in its heaviest unlock phase.

ENA is fixed at 15B with every token already minted at launch — there is no mint function and no staking emission, so the protocol issues nothing new. All supply growth is locked allocations vesting into the market, not fresh issuance.

The published cliff schedule releases about 637.5M ENA over the next 90 days on two recurring monthly tranches — roughly 40.6M to the foundation on the 2nd of each month and 171.9M to core contributors and investors on the 5th, about 212.5M a month across the Aug, Sep and Oct dates. This is the single supply driver and it runs into 2028.

The ecosystem development pool (~28% of supply, ~4.2B ENA) hands out airdrop and reward tokens on no fixed calendar — real supply that pushed realized growth above the dated schedule, but with no dated schedule to project forward we book it at 0 and watch it. The still-locked ~5.44B across core contributors, investors, foundation and ecosystem is the standing team-controlled overhang.

No bankruptcy estate or court-ordered distribution applies to ENA.

No buyback is executing on-chain today. The two large 2025 buybacks (about $360M in July and $530M in September) were one-time treasury programmes, now complete; a recurring fee-switch buyback to staked-ENA holders is approved in principle but not yet running, so it is carried at zero until an on-chain quantum appears.

ENA has no fee-burn mechanism — no portion of protocol revenue destroys tokens.

No treasury or foundation open-market buying of ENA was observed in the window — monitored.

Staked ENA (sENA) exists but is liquid and unlocks on request, and no new multi-year lock or escrow was announced in the window — monitored.