Ethena

Ethena ENA

Status: ListedLending, RWA, & DeFi Spot
Token GradeAA
Overall Score: 47.0 /100Rank: 18 of 172
Disclosures A5.70 /10
Performance AAA8.25 /10

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Disclosures Overview

Core Contributors

Legal & Financial

Tokenomics

Service Providers

Performance Overview: Market Quality

Total Volume (as % of Market Cap)

Market Cap (USD)

Trade Volume (USD)

Trade Volume (prev. 30D avg.)$1,316,235,728
Market Capitalization (prev. 30D avg.)$2,138,989,380
Trade Volume / Market Capitalization27.61%
GradeAAAScore10.00Percentile100.00%

Depth +/- 2% (as a % of Market Capitalization)

Depth +/- 2% (USD) | Market Cap (USD)

Depth (+/- 2%)Market Cap
Depth +/- 2% (prev. 30D avg.)$162,875,434
Market Capitalization (prev. 30D avg.)$2,138,989,380
Depth / Market Capitalization5.87%
GradeAAAScore10.00Percentile100.00%

Bid / Ask Spread (Volume weighted spreads)

Bid / Ask Spread (%)

BinanceMexcBitdelta
Exchange with Tightest SpreadsBinance
Volume Weighted Bid / Ask Spread (prev. 30 days)0.1206%
GradeAAAScore8.00Percentile92.98%

Price Performance

30D Change: 36.67%

Price (USD)

Count Green Candles16
Count Red Candles14
Candle "Win Rate"53.33%
GradeAAScore7.00Percentile71.01%

Open Interest (as a % of Market Capitalization)

Top Venues by OI (prev. 30D avg.)

Binance$122,803,893
Hyperliquid$102,557,196
Bybit (Futures)$85,329,300
Total (All Exchanges)$633,824,197
Open Interest / Market Capitalization26.02%
GradeAAAScore10.00Percentile100.00%

Funding Rate

Funding Rate (%)

BinanceHyperliquidBybit (Futures)
Open Interest-Weighted Funding Rate0.0470%
GradeAAAScore10.00Percentile100.00%

Performance Overview: Liquidity Providers

Data not disclosed

Market Maker Volume (as a % of total volume)

N/A
GradeAAA
Score10.00
Percentile100.00%

Market Maker Depth (as a % of total depth)

N/A
GradeAAA
Score10.00
Percentile100.00%

Market Maker Uptime / KPI Adherence

N/A
GradeAAA
Score10.00
Percentile100.00%

Performance Overview: Liquidity Footprint

Top-Tier Exchange Coverage

4 out of 4 (100%)BinanceOKXCoinbaseUpbit
GradeAAAScore10.00Percentile100.00%

Total Volume (CEX vs DEX)

Volume (USD)

CEX Volume (avg)$675,957,855
DEX Volume (avg)$747,874
CEX Volume share99.95%
GradeAScore5.00Percentile69.59%

Total +/- 2% Depth (CEX vs DEX)

+/- 2% Depth (USD)

CEX Depth (avg)$114,335,168
DEX Depth (avg)$178,156
CEX Depth share99.76%
GradeAScore5.00Percentile66.08%

Total Volume (Spot vs Perps)

Volume (USD)

Spot Volume (avg)$676,705,728
Perps Volume (avg)$935,506,679
Spot Volume share40.30%
GradeAAAScore10.00Percentile100.00%

Total +/- 2% Depth (Spot vs Perps)

+/- 2% Depth (USD)

Spot Depth (avg)$114,513,324
Perps Depth (avg)$62,797,109
Spot Depth share63.59%
GradeAAAScore10.00Percentile100.00%

Performance Overview: Tokenomics

Disclosed Token Vesting vs Actual Vesting

Disclosed TGE DateN/A
Disclosed Duration48 months
Disclosed Total Groups4
Disclosed Max. SupplyN/A

Disclosed Maximum Token Supply (%) | Months Since TGE

Core ContributorsInvestorsEcosystem Development and AirdropsFoundation

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.

GradeCCCScore0.00Percentile100.00%

Market Cap vs. FDV (Ratio)

0.89:1
GradeAAA
Score10.00
Percentile100.00%

Fully Diluted Valuation (FDV) (USD)

$3,501,742,986
GradeAAA
Score10.00
Percentile100.00%

Annualized Rate of Inflation

19.02%
GradeBB
Score4.00
Percentile72.50%

Data as of 2026-10-07 · Scoring config v4 · Rated 172 of 173 projects

UTR scores evaluate disclosure quality and token market structure. The score is informational and should not be interpreted as an assessment of expected returns or as an investment recommendation.