Ethena Tokenomics
Insiders + private sale share is >50% of final allocation. Heavy structural sell pressure from cliff and vesting unlocks.
Stacked weekly schedule · 2y past + 5y forward · today highlighted
Data shown is from a CSV supplied by Ethena on 20 May 2024. Airdrops (S1, S2, S3) are modeled as separate sections subtracted from Ecosystem Development to reflect distributions as allocated/owned tokens per oFDV principles, ensuring max supply remains exactly 15B ENA. S1 (Shard Campaign): 750M ENA total. Immediate: ~428M (non-top wallets 100% + top 2000 immediate 50%). Vested: ~322M (top 2000 50% over 6 months). Assumptions: Exact splits based on historical claims; vesting linearized monthly for simplicity (official is weekly). S2 (Sats Campaign): 750M ENA total. Immediate: ~578M (non-largest wallets 100% + largest 2000 immediate 50%). Vested: ~171M (largest 2000 50% over 6 months). Assumptions: As above; start month adjusted to match CSV bumps. S3: 525M ENA total (3.5% supply). Immediate: ~438M (assumed 83.3%: top 2000 immediate 2/3 + non-top 100%). Vested: ~88M (assumed 16.7%: top 2000 1/3 over 6 months, with top ~50% of total allocation). Assumptions: Proportions estimated from announcement (top vesting 1/3, no exact top/non-top split public); monthly linear (official weekly). Update if precise data available. Top 2000 wallet vesting: No public list of exact wallets or per-wallet amounts, so modeled as aggregate linear unlocks. General: Rounding applied for integer totals; minor discrepancies (~1-5M) may occur from vesting distribution.