$ENA Token Rights

Updated Apr 15, 2026

Overview

Token(s): ENAsENAUSDesUSDe
Token Type: GovernanceUtility
Utility: Staking

ENA is the native governance and utility token, sENA is the liquid staking receipt token obtained by locking ENA, USDe is a delta-neutral stablecoin, sUSDe is the yield-bearing staked version of USDe, providing holders with a share of protocol revenue

Governance Rights

Control

ENA holders are able to delegate decision-making to a group of expert-level stakeholders called the Risk Committee. Previously there were 5 stakeholders - a proposal passed in January 2026 to reduce the number of stakeholders to 3.

Governance Decisions

ENAsENA

ENA holders can vote bi-annually to elect members to a Risk Committee, and in the future additional committees performing critical roles within the ecosystem. sENA holders will be able to vote on any tokenomics proposals and proposals concerning ENA specifically

Treasury Decisions

N/A

Risk Committee directly governs Reserve Fund allocations and revenue diversions. The treasury reeives a portion of protocol revenue

Revenue Decisions

N/A

Risk Committee directly governs economic parameters including protocol fees & revenue splits

Fee Switch

PENDING

Conditions have been met to turn the fee switch on, directing revenue to sENA holders, but the switch has not been implemented as of March 2026

Resources

Foundation Multisigs / Addresses

0x3B0AAf6e6fCd4a7cEEf8c92C32DFeA9E64dC1862

January & February Governance Updategov.ethenafoundation.com

Primary Value Accrual

Protocol Revenue Share

Value accrues through ecosystem airdrops to sENA holders and revenue directed to sUSDe holders

Equity Statement

Most protocol revenue is paid out to sUSDe holders as rewards

Economic Rights

Value Capture

All revenue accrues to the protocol/Foundation, with 100% shared to sENA stakers post-fee switch. Conditions have been met to turn the fee switch on, but it has not been implemented as of February 2026

Buybacks

N/A

No buyback mechanism is currently active

Dividends

sENAsUSDe

Ecosystem applications have set aside material portions of their token supply to be airdropped to sENA holders, most protocol revenue goes to sUSDe holders as yield

Burns

N/A

No burn mechanism is currently active

Ownership

Raise History

6 rounds · $166m total

Date	Amount	Round	Valuation
Sep 30, 2025	$30m	Strategic	—
Feb 26, 2025	$16m	Strategic	—
Feb 24, 2025	$100m	Private	—
Mar 08, 2024	—	Private	—
Feb 16, 2024	$14m	Strategic	$300m
Jul 17, 2023	$6m	Seed	—

Fundraising: Equity
Equity Revenue Capture: No
Associated Entities: DAOLabs (Equity)Foundation
IP & Brand: Ethena (BVI) Limited
Domain: Ethena (BVI) Limited