Ethena’s last season air drop draws to a close—what information should you focus on to assess the $ENA price?
Everyone has recently been saying: “@Ethena Labs is ready to kick off a buyback plan, and ENA has huge potential.”
If that narrative holds true, you first need to watch a few developments:
➤ If ENA air drops are no longer used as an incentive, what happens to the $USDE supply?
First, ENA buybacks are linked to USDe supply—only when the supply target is met can the buyback plan be triggered.
For a long time, Ethena has relied heavily on lending protocols such as Aave and Morpho to support USDe Supply.
Users earn enhanced yields through leveraged lending loops, and another incentive that helped make “Aavethena” possible was the ENA air drop.
In the coming period, you can track how much USDe leaks out of Aave— or even fully exits the Ethena ecosystem—thereby impacting total supply.
➤ If ENA air drop incentives are replaced with USDe incentives, how long can that last?
I looked into how Ethena responds to potential outflows, and found that it has launched new token incentives, mainly allocating them to the Ethena Ecosystem Market on Aave V4 (Ethereum).
*Note: Legacy incentives for the lending protocol are still being emitted
These incentives come via USDe interest subsidies, creating an APY close to 5.39% (Merkl shows 5.25%).
In other words, the incentive structure is switched to a different model, but it becomes more concentrated in a specific market—and the duration is still unknown.
Either way, there will be no further ENA community air drop emissions in the future, and that won’t change.
➤ What will happen to sENA?
Also, it’s important to focus on Ethena’s original lock-up system. In the past, sENA mainly attracted users to lock up tokens through “high-multiplier Ethena air drop points + ecosystem project air drop points,” using dual incentives.
Now that Ethena is no longer developing ecosystem air drops, the currently accumulable ecosystem air drop points are only left for two projects: Meridian and Strata.
It can be said that this track has basically been shelved. Even though Ethena’s page shows that sENA is still earning air drop points from those two ecosystem projects, it’s hard to say how much ongoing user demand for token lock-ups can be sustained.
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Summary
In short, focus on three number changes:
1. USDe Total Supply
2. USDe TVL on Aave
3. sENA Supply
-
● The above content does not constitute investment advice
● The included image is sourced from Aave V4
#ethena #ENA质押 #ENA #Airdrop
Everyone has recently been saying: “@Ethena Labs is ready to kick off a buyback plan, and ENA has huge potential.”
If that narrative holds true, you first need to watch a few developments:
➤ If ENA air drops are no longer used as an incentive, what happens to the $USDE supply?
First, ENA buybacks are linked to USDe supply—only when the supply target is met can the buyback plan be triggered.
For a long time, Ethena has relied heavily on lending protocols such as Aave and Morpho to support USDe Supply.
Users earn enhanced yields through leveraged lending loops, and another incentive that helped make “Aavethena” possible was the ENA air drop.
In the coming period, you can track how much USDe leaks out of Aave— or even fully exits the Ethena ecosystem—thereby impacting total supply.
➤ If ENA air drop incentives are replaced with USDe incentives, how long can that last?
I looked into how Ethena responds to potential outflows, and found that it has launched new token incentives, mainly allocating them to the Ethena Ecosystem Market on Aave V4 (Ethereum).
*Note: Legacy incentives for the lending protocol are still being emitted
These incentives come via USDe interest subsidies, creating an APY close to 5.39% (Merkl shows 5.25%).
In other words, the incentive structure is switched to a different model, but it becomes more concentrated in a specific market—and the duration is still unknown.
Either way, there will be no further ENA community air drop emissions in the future, and that won’t change.
➤ What will happen to sENA?
Also, it’s important to focus on Ethena’s original lock-up system. In the past, sENA mainly attracted users to lock up tokens through “high-multiplier Ethena air drop points + ecosystem project air drop points,” using dual incentives.
Now that Ethena is no longer developing ecosystem air drops, the currently accumulable ecosystem air drop points are only left for two projects: Meridian and Strata.
It can be said that this track has basically been shelved. Even though Ethena’s page shows that sENA is still earning air drop points from those two ecosystem projects, it’s hard to say how much ongoing user demand for token lock-ups can be sustained.
-
Summary
In short, focus on three number changes:
1. USDe Total Supply
2. USDe TVL on Aave
3. sENA Supply
-
● The above content does not constitute investment advice
● The included image is sourced from Aave V4
#ethena #ENA质押 #ENA #Airdrop
