Ethena Foundation restructures ENA token unlocks via VC buyout

The Ethena Foundation has restructured its token release schedule by buying out early venture capital investors to eliminate recurring monthly sell pressure. Under this new arrangement, all remaining investor-allocated ENA tokens will be released in a single unlock on October 2, 2026, rather than through the previous staggered monthly vesting process.

This move follows a period where monthly unlocks created predictable downward pressure on the token price. While the investor allocation is being consolidated into one date, team tokens remain on their original lock-up schedule. Approximately 12 percent of the total supply is estimated to remain unvested following this change.

Additionally, Ethena governance has backed a fee-switch mechanism. Once the USDe supply reaches $7.5 billion, 95 percent of net revenue will be routed into ENA buybacks. The protocol has also launched Ethena Pay in beta on the Avalanche network, featuring yield and cashback tiers tied to locked ENA holdings.