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Ethena’s ENA Rally Meets Unlock Test as Protocol Tops $500 Million in Revenue

Conflicting unlock estimates create a near-term supply overhang for a token trading on heavy volume.

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Overview

  • ENA trades around $0.67–$0.69 after a 7–10% daily gain, with spot volume up more than 50% and open interest climbing, signaling heightened volatility risk.
  • On-chain trackers diverge on today’s unlock size, with Tokenomist citing about 40.6 million ENA (~$25 million) and SoSoValue flagging 94.19 million ENA (~$63 million) slated for release.
  • SoSoValue reports the larger figure is split between the ecosystem fund (53.55 million ENA) and the foundation (40.64 million ENA), scheduled for 15:00 UTC+8.
  • Ethena’s fundamentals remain strong, with TVL crossing roughly $12 billion and $67.9 million in fees generated over the past week, according to DeFiLlama data.
  • Ethena said it has surpassed $500 million in total revenue since inception as interest grows in a fee switch that could direct protocol earnings to ENA holders.