ENA · nothing is minted, and the supply still doubles its pace.

Ethena never prints ENA. All 15B that will ever exist were created at launch, and the chain confirms it at both ends of this window: the number of ENA in existence read exactly 15,000,000,000 on Jun 2 2026 and again on Aug 31 2026. There is no staking issuance, no block reward and no emission curve. The token does still carry a mint function in its code, so this row is watched rather than closed forever, but it has never fired.

Team and investor tokens come free on the 5th of every month — 93.8M to core contributors and 78.1M to investors, 171.9M together — and three of those dates fell inside this window, on Jun 5, Jul 5 and Aug 5 2026. That is 515.6M ENA, and none of it is new: it is supply that already existed being handed the right to trade. Nothing moves on the chain when a cliff fires, because the coins already sit in the recipients' own wallets. The next window is more than three times heavier, because the monthly investor schedule was scrapped on Aug 27 2026 and every remaining investor token now comes free in one release on Oct 5 2026.

Foundation and ecosystem tokens ride the same monthly calendar as the team, at 95.3M a step — 285.9M across the three dates in this window — and a 40.6M foundation release on Jul 2 2026 lines up with that rate. On top of it, a Nasdaq-listed treasury company holds 3.03B ENA, about 20% of every ENA there is, across three wallets whose balances match its filed accounts to the token; it moved 2.4M out over the window and rotated the rest into fresh custody in July 2026, a 3.03B transfer that changes nothing. Watched beside those: the block of locked investor ENA the Foundation bought back on Aug 27 2026, whose size has not been disclosed, and a 839.3M wallet that sent 170.0M out on Aug 19 2026 and had it back by Aug 26 2026. If any of those balances falls between refreshes, the outflow lands in this row at the next refresh.

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

Ethena has proposed one, and it is the loudest headline on the coin — 95% of the net revenue reaching the Foundation would buy ENA on the open market. It has bought nothing. The vote opened Aug 27 2026 and closes Sep 2 2026, and even a yes does not start the buying: the programme only switches on once the synthetic dollar it is funded by grows past a stated size, and that size is roughly double where it sits today. An announced programme is not a purchase, so this row stays at zero until coins are actually bought.

ENA is never destroyed. Both places a burn could show were read at each end of the window: the total number of ENA in existence held at 15,000,000,000, and the unspendable address that would collect discarded coins held 2.6311 ENA on Jun 2 2026 and the same 2.6311 ENA on Aug 31 2026. Neither moved, so this zero is measured rather than assumed.

The Foundation did buy ENA on Aug 27 2026 — but it bought locked tokens from early investors in private deals, not coins on the open market. Nothing was taken off the tradable float, so nothing is credited here. What it did was move a future seller's stake into Foundation custody, which is why it appears as an overhang on the sell side instead.

Staking looks like the offset and does not qualify as one. The staking vault did take in 146.1M more ENA over the window — 1,074.8M to 1,220.9M — and the price of one vault share was identical at both ends to six decimal places, which proves that rise is deposits rather than rewards. But the exit is 7 days, plus another 7 for the wrapped version, and staked ENA is still counted as tradable supply, so nothing actually left the market. It is a queue, not a lock, and it is tracked here rather than credited.