Ethena ENA

Commentary versus actual token vesting

The insider schedule is complete and stated with unusual clarity — the explicit "no tokens unlocked prior to the cliff" statement for both groups is above sector norm; most projects leave this to inference. The stated TGE date is wrong, and every vesting date derives from it. The tokenomics page reads: "Unlock schedules for Core Contributors and Investors started on ENA TGE at March 5th 2024." ENA's token generation and airdrop occurred in early April 2024, and the one-year cliff release for both groups was observed in April 2025. Two groups totalling 45% of supply have no circulation schedule whatever — the Foundation and Ecosystem Development allocations are described only by purpose. No vesting contract address is published for either insider group, so nothing is independently verifiable against a deployed schedule. No restatement or progress reporting — no running statement of what has unlocked against the schedule. Third-party tracking records the unlock schedule as extending into 2028, with 9,828,125,000 ENA unlocked.