• Ethena Labs is the creator of USDe, a synthetic dollar protocol built on Ethereum. This initiative addresses the need for a stable, scalable form of money within the crypto-native space, without relying on traditional banking systems.

  • ENA is Ethena’s native utility token and is used in the following functions:

    • Governance: ENA token holders can vote on protocol governance decisions.

  • As of March 29th 2024, the total supply of ENA is 15,000,000,000 and the initial circulating supply upon listing will be 1,425,000,000 (~9.5% of the total token supply.)

Key metrics (as at March 29th 2024)

Token Name


Token Type


Initial Circ. Supply When Listed on Binance

1,425,000,000 (9.5% of total supply)

Total and Maximum Token Supply


Binance Launchpool Allocation

300,000,000 (2% of total supply)

Binance Launchpool Start Date

30th March 2024

1.Existing Products

  • Solution design

  • How does it work?

  • Staking USDe

  • Peg arbitrage

2. Token sales and economics

Token Distribution

Token Name


Binance Launchpool

2.00%  of the total token supply


25.00%  of the total token supply


30.00%  of the total token supply


15.00%  of the total token supply


28.00%  of the total token supply

Token Allocation

Token release schedule

3. Roadmap & Updates 

3.1 Completed Milestones

Completion Date


2023 Q4

Ethena Pre-Launch (closed launch to investors)
First $250m in USDe supply

2024 Q1

Ethena Public Launch February

2024 Q1

Shard Campaign Epoch 1 & 2

$150m Curve Liquidity

$1.5bn Uniswap volume

$250m Locked in Pendle

$400m USDe locked

2024 April 2nd 

ENA Token Launch

3.2 Current Roadmap

Q2 2024:

  • ENA Token Launch

  • Exchange Listings

  • BTC Onboarded as Collateral

  • Beginning of Season 2 of Incentive Campaign

  • DAO governance rollout

Q3 2024: 

  • SOL as collateral asset

  • USDe cross-chain initiatives

Q4 2024: 

  • Conclusion of Season 2 of Incentive Campaign

  • Second ENA distribution after conclusion of incentive campaign

4. Community

  • Official Website

  • Twitter

  • Discord

  • Telegram

  • Linkedin