Ethena

24h change: -2.79%. From $0.245 to $0.2382.

• The protocol discontinued all ENA issuance and incentives linked to USDe expansion effective at the end of September 2026. Incentives had already declined roughly 85 percent since the 2024 airdrop. Governance approved a fee switch that directs 95 percent of qualifying net protocol revenue toward ENA buybacks once USDe supply reaches defined milestones such as $7.5 billion. Standard Chartered initiated coverage projecting ENA could reach $2 by end of 2028 if USDe grows to $40 billion.
• Ethena accelerated remaining original investor token allocations into a single release on October 5 2026 ending the recurring monthly unlock schedule about 17 months early. The foundation previously executed buyouts of locked tokens from certain major seed investors who had sold ENA. Approximately 1.41 billion ENA tokens were unlocked representing around 14 percent of circulating supply though many remain treasury or subject to procedures. This aims to reduce selling pressure as the protocol matures.
• announced its own US dollar stablecoin powered by Ethena's Whitelabel platform on October 6. Ethena will manage reserves, minting, redemptions, and compliance end to end while controls product design and distribution. The launch targets more than $300 million in existing stablecoin deposits already on the platform and ties into its crypto payments business including the Cash card. This continues Ethena's expansion of white-label stablecoin adoption with prior partners including Jupiter, Sui, and MegaETH.

24h change: -4.12%. From $0.2432 to $0.2332.

• Ethena discontinued all ENA issuance and incentives linked to USDe growth effective at the end of September 2026. The incentives had already fallen roughly 85 percent since the 2024 airdrop after more than $750 million in rewards were distributed. This change removes a prior source of token dilution as the protocol matures and shifts toward organic revenue from basis trades, tokenized assets, equity markets, and products such as Ethena Pay. Governance has also approved mechanisms tying protocol revenue to ENA buybacks once USDe supply reaches defined milestones.
• Remaining original investor ENA allocations will unlock in a single event on October 5, approximately 17 months ahead of the prior schedule. StablecoinX's roughly 3.03 billion ENA, representing about 20 percent of total supply, will also have lockup restrictions lifted on the same date but will remain a treasury asset. Any sales or transfers by StablecoinX require prior written approval from the Ethena Foundation and follow a notice and review process for qualifying needs. Team and foundation allocations continue under their existing monthly vesting schedules.
• Standard Chartered initiated coverage of Ethena with a year-end 2028 price target of $2 for ENA. The bank projects USDe supply could reach $40 billion by then as the protocol diversifies yield sources into equities, tokenized assets, and other markets beyond crypto basis trades. A governance-approved fee switch directs 95 percent of qualifying net protocol revenue toward ENA buybacks once USDe supply hits thresholds such as $7.5 billion. Nearer-term forecasts cited in reports include $0.42 by end of 2026.

24h change: -2.77%. From $0.2494 to $0.2425.

• Ethena discontinued all token incentives and associated inflation linked to USDe growth at the end of September 2026. Incentives had already declined roughly 85 percent since the 2024 airdrop after more than $750 million in rewards were distributed. This removes a source of dilution for ENA holders as the protocol matures and focuses on organic revenue from its basis trades, tokenized assets, and new products. The change aligns with USDe supply around $4.9 billion and ongoing ecosystem expansion into payments and equity markets.
• Remaining investor token allocations of about 1.4 billion ENA will unlock in one event on October 5 2026 ending the monthly schedule 17 months early. This follows governance changes and buyouts of certain early investor positions that had been selling. StablecoinX holds roughly 3 billion ENA with lockups ending but sales requiring Ethena Foundation approval. The event tests cleaned-up supply dynamics after the removal of ongoing dilution from incentives.
• Standard Chartered initiated coverage on Ethena with a $2 price target for ENA by the end of 2028. The forecast assumes USDe supply can grow from around $4.9 billion currently to $40 billion supported by tokenized assets and institutional adoption. It highlights the protocol's approved buyback program that redirects increasing portions of revenue to open-market ENA purchases once USDe supply crosses tiered milestones beginning at $7.5 billion. Coverage also notes expansion beyond crypto basis trading into equities and payments.

24h change: -6.19%. From $0.2755 to $0.2585.

• Ethena announced that all token incentives and inflation linked to USDe growth will cease by the end of September 2026. Incentives had already declined roughly 85 percent since the 2024 airdrop. The change removes a prior source of dilution for ENA and simplifies the token supply outlook for holders as the protocol matures.
• Ethena is extending its basis trade strategy to equity perpetuals using Binance tokenized stocks as spot collateral. This expands the addressable market for USDe backing from crypto assets to over $150 trillion in traditional equities. The integration follows earlier exploration of equity perpetuals for higher funding rates and supports further USDe growth.
• Governance approved directing up to 95 percent of net protocol revenue to ENA buybacks once USDe supply reaches defined milestones beginning at $7.5 billion. Current USDe supply is approximately $4.9 billion. This mechanism follows earlier tokenomics updates including investor unlock acceleration and aims to align protocol value accrual with ENA holders.

24h change: -0.13%. From $0.2746 to $0.2742.

• Ethena announced it will fully discontinue all token incentives and new inflation related to USDe growth by the end of September 2026. Incentives had already fallen about 85 percent since the initial 2024 airdrop. This removes a prior source of ENA dilution linked to protocol expansion and simplifies future token supply dynamics for holders. The change coincides with USDe supply around 4.9 billion dollars and ongoing ecosystem growth.
• Ethena is extending the basis trading strategy behind USDe to include Binance tokenized stocks known as bStocks as spot collateral. These positions are hedged with short equity perpetual futures on the same platform. The move targets a substantially larger addressable market in equities compared to crypto perps and diversifies yield sources. Binance equity perpetual open interest exceeds 2.9 billion dollars and has grown rapidly in 2026.
• Ethena governance approved a framework to direct protocol revenue toward ENA buybacks once USDe reaches certain supply levels. The allocation begins at 5 percent of net revenue at 7.5 billion dollars USDe supply and scales up to 20 percent at 20 billion. This builds on earlier August updates that resolved investor token unlocks and assigned protocol value to the foundation. USDe supply currently sits below the initial threshold.