$ENA (Ethena) TGE is Tomorrow


  • Utility: Governance token
  • TGE & Airdrop: April 2nd
  • Immediate T1 CEX listings
  • Total Supply: 15 billion
  • Initial Circulating Supply: 1.425 billion
  • Airdrop: 5% of supply
  • Pre-market price: ~0.672 USD per token

Running for just 6 weeks, Ethena’s shard campaign (Season 1) concluded today. Tomorrow, April 2nd, eligible users can claim ENA at https://claim.ethena.fi/.

Ethena’s blog post mentions immediate T1 CEX listings for this governance token. Unsurprisingly, both Binance and Bybit announced launchpools last week allowing users to earn ENA by staking USDT and ENA or BNB respectively.

Ahead of the TGE, $ENA is trading on various pre-markets at the following prices:

It’s worth noting that aggregated volumes have been <$1.5m, so pre-market prices should be taken with a grain of salt.

Currently, 360.7 billion shards were issued. The total airdrop allocation is 750m ENA with 4%, 30m ENA, going to Milady, Remilio, and Schizoposter NFT holders. The remaining 720m is distributed amongst shard campaign participants, equal to ≈ 501 shards per ENA token.

Given the average pre-market price of roughly $0.672, each shard is worth $.001341 assuming linear distribution.


ENA Distribution & Release Schedule

ENA’s token distribution and release schedule is as follows:


Total Supply: 15 billion

Initial Circulating Supply: 1.425 Billion

  • Core Contributors: 30% of total supply – 1 year 25% cliff & 3 year linear monthly vesting
  • Investors: 25% of total supply – 1 year 25% cliff & 3 year linear monthly vesting

Neither of these allocations are unlocked before the 1 year cliff.

  • Foundation: 15% of total supply – used to fund further development

This brings the team allocation up to 45% and insider allocation to 70% of total supply. Jordan recently dropped an insightful AF on understanding token distribution trends shedding light on spotting hidden large team allocations and their implications. A recommended read since it applies to ENA.

  • Ecosystem Development: 30% of total supply – 5% of this is allocated to the ENA airdrop.

Straightforward allocation to support development of the Ethena ecosystem. For the initial 5% of airdropped tokens, the largest 2,000 wallets by shard count are subject to a 50% linear, pro-rata vesting over 6 months. Additionally, 4% of the airdrop supply is allocated to Milady, Remilio, and Schizoposter NFT holders equivalent to 0.2% of total supply. The snapshot for NFT holders was taken on March 26th.


As a governance token, ENA holders will be able to vote on proposals related to the following protocol parameters:


Sats Campaign – Season 2 Shard Campaign

The second season of the shard campaign starts immediately after TGE. Related to Ethena’s plan to onboard BTC as a backing asset, this campaign will run until Sept. 2nd or until USDe supply reaches $5 billion. Currently, USDe supply sits at >$1.5 billion.

Users who participated in Season 1 will receive boosted shard rewards and the incentive structure will be similar to the first season. Beyond that, no material information is available yet.

Keep an eye out for a follow-up post by Ethena this week.

Update: Ethena just dropped a blogpost on Season 2.

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