Ethena Labs announced that it has restructured its tokenomics model for the ENA token. It also said it has implemented mandatory vesting conditions to encourage long-term retention among its buyers. This change will specifically affect all users who received ENA from initiatives such as the Shard Campaign. Thus, the altcoin project is forced to lock up at least 50% of its tokens using one of three specified methods.
Ethena’s tokenomics and airdrop update
Ethena Labs has made a major update to the tokenomics of its native token, ENA. Users who received ENA through airdrops like the Shard Campaign will have to lock up at least 50% of their claimable tokens as part of this update. Users can lock via Ethena lockup, PT-ENA on Pendle, or Symbiotic Restaking. Failure to comply will result in undeposited ENA being redistributed to compliant users. In this context, the Ethena Labs team made the following statement regarding the tokenomic change:
To be clear, the goal of current tokenomics is to encourage the realignment of ENA holders from paid capital to long-term compatible users.
Ethena Labs stated that the lost ENA will not be retained by the foundation, team or investors. These will only be distributed to users who comply with the new rules. Instructions on the latest requirements will be provided on June 23, when users claim their weekly ENA airdorps.
Staking move attracts attention
Ethena is also starting to offer staking features for ENA. Thus, it increases its benefit within the ecosystem. These staking options are part of Ethena’s broader strategy to integrate ENA into its financial infrastructure, including the upcoming Ethena Chain. The reorganized ENA will provide security for cross-chain transfers verified through LayerZero’s DVN network. Additionally, ENA and sUSDe will be the first assets available for investment in Symbiotic’s next term. In addition, the first liquid staking tokens (LST) caps will already be filled.
The new road map also emphasizes the commitment to creating a financial infrastructure. Ethena Chain will host financial applications and infrastructure built on USDe as a gas token. The team said, “Restaked ENA will provide security in these protocols. “They may also be eligible for potential future airdrops at their discretion in return,” he added.
Reactions are coming from the altcoin community!
However, this update sparked controversy within the crypto community. Some members have expressed their disappointment with Ethena’s latest update. They expressed concern about the new vesting and lock-in requirements. In this context, a user made the following criticism:
After we postpone our airdrop, they add a vesting to our earned airdrop. […] Changing already defined terms to pump their tokens is shady, but remember ENA is a ‘governance token’. Shame on you, Ethena Labs.
cryptokoin.comAs you can follow from , there has been controversy around Ethena since its inception. Some industry experts have expressed concerns about the sustainability of USDe. They noted that USDe could potentially face a collapse similar to TerraUSD (UST).
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