Today I’m focusing on just one thing
ENA
Not because it’s been surging
It’s because the investors’ vesting line was cut off early today
The original plan was to release roughly 78 million-plus tokens each month, gradually through March 2028
By the end of August, the rules changed. The remaining batches for about 17 months were consolidated and released all at once today
Working backward, that’s about 1.41 billion tokens—around 14% of the circulating supply
The foundation hasn’t officially stamped and confirmed this figure
Another calendar used on the market only shows 170 million tokens for regular monthly releases
But what the market is trading today is the previous expectation.
//
On the same day, there’s also a second layer
StablecoinX holds about 3.03 billion tokens, accounting for 20% of the total supply. The contract lock-up was also lifted today
But this is not a dump that can be done casually
Selling and transferring require the foundation’s written approval, and operational needs must be notified five business days in advance. The foundation also has the right of first purchase
What can actually be put on the market immediately is mainly the investors’ portion whose vesting ended early, plus the team’s monthly batches released as usual.
——
The idea is simple
They want to release it all at once, to replace the supply uncertainty hovering over each month for more than a year into the future
But the shadow hasn’t disappeared
It’s gone from a slow drip to concentrated delivery landing today
Unlocking doesn’t automatically mean a sell-off
What I’m looking at is whether wallets are moving toward exchanges, and whether there’s actual trading
The team and foundation’s monthly releases still need to continue until 2028
Today is the endpoint of the investors’ line—not the endpoint of supply.
$ENA
ENA
Not because it’s been surging
It’s because the investors’ vesting line was cut off early today
The original plan was to release roughly 78 million-plus tokens each month, gradually through March 2028
By the end of August, the rules changed. The remaining batches for about 17 months were consolidated and released all at once today
Working backward, that’s about 1.41 billion tokens—around 14% of the circulating supply
The foundation hasn’t officially stamped and confirmed this figure
Another calendar used on the market only shows 170 million tokens for regular monthly releases
But what the market is trading today is the previous expectation.
//
On the same day, there’s also a second layer
StablecoinX holds about 3.03 billion tokens, accounting for 20% of the total supply. The contract lock-up was also lifted today
But this is not a dump that can be done casually
Selling and transferring require the foundation’s written approval, and operational needs must be notified five business days in advance. The foundation also has the right of first purchase
What can actually be put on the market immediately is mainly the investors’ portion whose vesting ended early, plus the team’s monthly batches released as usual.
——
The idea is simple
They want to release it all at once, to replace the supply uncertainty hovering over each month for more than a year into the future
But the shadow hasn’t disappeared
It’s gone from a slow drip to concentrated delivery landing today
Unlocking doesn’t automatically mean a sell-off
What I’m looking at is whether wallets are moving toward exchanges, and whether there’s actual trading
The team and foundation’s monthly releases still need to continue until 2028
Today is the endpoint of the investors’ line—not the endpoint of supply.
$ENA