$ENA Token Unlock: The Potential Impact on the Market

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The decentralized stablecoin protocol Ethena has associated with it the $ENA token. This token is just about to unlock a very large number of tokens and to do so is expected to have many effects—some deleterious, we suspect—for the project and its investors. In the next few days, approximately 2.06 billion $ENA tokens unlocking will be happening. That value is about 900 million USD. This unlock involves allocations to core contributors and investors. While pronouncements from the Ethena team and the project’s white paper raise few red flags, we can’t help but wonder about the future trajectory of $ENA. The

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