Ethena Labs Revamps ENA Tokenomics, Introduces Forced Vesting

Highlights

Ethena Labs revises ENA tokenomics, introducing mandatory vesting to promote long-term investment among users.
Users receiving ENA from initiatives like the Shard Campaign must lock at least 50% of their tokens through specified methods.
Non-compliant users will redistribute their unvested ENA to those adhering to the new vesting rules, ensuring fairness.

Ethena Labs has announced restructuring its tokenomics model for the ENA token, implementing mandatory vesting conditions to promote long-term holding among its recipients. This change affects all users receiving ENA, particularly from initiatives like the Shard Campaign, compelling them to lock at least 50% of their tokens using one of three designated methods. This strategy aims to transition the user base from short-term traders to long-term investors.

Ethena Labs Sets New Token Vesting Rules

As part of the new policy, users must now choose to lock their tokens through Ethena locking, PT-ENA on Pendle, or Symbiotic Restaking. This requirement comes with a strict caveat: those who fail to comply will see their unvested tokens redistributed among users who adhere to the vesting mandate. This redistribution mechanism incentivizes participation and adherence to the new system. The Ethena team has clarified that any tokens forfeited in this manner will not be retained by the foundation, its team, or any investors, ensuring a fair and transparent reallocation process.

In addition to the vesting requirements, Ethena Labs will provide detailed instructions on navigating the new system by June 23rd, coinciding with the weekly ENA vesting claim. This timeline offers users a brief period to familiarize themselves with the requirements and prepare for compliance.

ENA Holders Gain from New Staking Options

Enhancing the utility of the ENA token, Ethena has introduced new staking capabilities, which are integral to its broader financial ecosystem strategy. Users now have the option to lock ENA within Ethena for future rewards, participate in PT-ENA pools on Pendle Finance for a fixed annual percentage yield, or engage in generalized restaking pools. These pools are particularly crucial as they secure cross-chain transfers of USDe, Ethena’s stablecoin, ensuring enhanced transaction security and efficiency.

This development aligns with Ethena’s plans to integrate ENA into its forthcoming financial infrastructure, including the Ethena Chain. The staked ENA will be vital in securing the network, especially for cross-chain transfers verified through LayerZero’s DVN network. Additionally, the roadmap highlights Ethena’s focus on utilizing USDe as a gas token for various financial applications, with the potential for ENA holders to receive future airdrops from these initiatives.

Ethena Labs emphasizes its commitment to transparency, as evidenced by its Monthly Custodian Attestations for USDe. These reports, which detail the type and location of assets backing the stablecoin, are now provided by all integrated depositaries and are accessible on the Ethena governance forum. This move directly responds to growing demands for clarity and trust in asset-backed cryptocurrencies. Ethena aims to maintain and build trust within its community and stakeholders by providing regular, verified updates.

Also Read: Ex-SEC Official Denies Joining Memecoin Platform

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Maxwell Mutuma

Maxwell is a crypto-economic analyst and Blockchain enthusiast, passionate about helping people understand the potential of decentralized technology. I write extensively on topics such as blockchain, cryptocurrency, tokens, and more for many publications. My goal is to spread knowledge about this revolutionary technology and its implications for economic freedom and social good.

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