Ethena updates ENA tokenomics
Ethena Labs has unveiled an essential revision to the economic structure of its primary cryptocurrency, ENA. Recipients of ENA via airdrops, like those from the Shard Initiative, are now required to lock a minimum of 50% of their tokens eligible for claim. The locking can be achieved through three distinct routes: direct locking in Ethena, engaging in PT-ENA on Pendle, or participating in Symbiotic Restaking. Failure to adhere to this condition will result in the reallocation of the non-vested ENA to those who comply.
This modification is designed to transition the mindset of ENA stakeholders from focusing on short-term gains to committing to the ecosystem's sustained growth. Detailed instructions regarding these new prerequisites will be made available on June 23rd, coinciding with the weekly claim of ENA tokens. Ethena assures that any ENA loked will not be kept by the foundation, its team, or its investors.
In addition to these adjustments, Ethena is rolling out staking features for ENA to amplify its role within the ecosystem. ENA can now be staked directly in Ethena to accumulate future rewards, invested into PT-ENA pools within Pendle Finance for a predetermined APY, or utilized in diverse restaking pools to safeguard the cross-chain transactions of USDe, Ethena's proprietary stablecoin.
The introduction of these staking mechanisms is a crucial element of Ethena's strategy to incorporate $ENA into its broader economic framework, which includes the forthcoming Ethena Chain. The secured ENA through restaking will bolster security for cross-chain movements authenticated via LayerZero’s DVN network. Additionally, ENA alongside sUSDe will be the premiere assets available for deployment in Symbiotic’s forthcoming epoch, with the limits for initial liquid staking tokens (LST) already met.
Ethena Labs’ outlined roadmap further emphasizes an orientation towards deploying USDe for transactional fees across its financial platforms. The restaked ENA is set to underpin various applications and might qualify for upcoming airdrops from these technological frameworks.
