Reference protocol
ETHSTABLECOINApr 2024design 0xb27b…0cafVerified
ETHENA $ENA
Synthetic-dollar stablecoin protocol. 5% TGE airdrop (the famous "Shard" campaign), insiders on 1-year cliff + 3-year linear. Heavy ecosystem incentives drove rapid USDe growth.
Total supply
15B ENA
fixed at launch
TGE circulating
5.0%
95.0% locked
Allocations
4
distinct line items
Launch
Apr 2024
Ethereum
Distribution
Schedule of allocations
- 1CORE CONTRIBUTORS
Ethena Labs team. 1-year cliff, then 3-year linear vest. Locked through the first major unlock cycle.
30.00%12 MO CLIFF · 36 MO LIN - 2FOUNDATION
Held by the Ethena Foundation for protocol development, audits, integrations.
15.00%12 MO CLIFF · 36 MO LIN - 3ECOSYSTEM + AIRDROP
Includes the 5% Season 1 airdrop (TGE) plus 25% reserved for follow-on seasons, exchange incentives, partner liquidity.
30.00%16.7% TGE · 48 MO LIN - 4INVESTORS
Strategic backers from earlier rounds (Dragonfly, Galaxy, Maelstrom et al). 1-year cliff + 3-year vest.
25.00%12 MO CLIFF · 36 MO LIN
Key takeaway
A points campaign that ran for 5 months before TGE concentrated demand into one moment — the airdrop did the marketing, the team did the listing.
Design notes
- ONLY ~5% CIRCULATING AT TGE — THE AIRDROP TRANCHE. EVERYTHING ELSE LOCKED FOR 12+ MONTHS.
- SHARD POINTS CAMPAIGN RAN FROM DEC 2023 → APR 2024.farming the airdrop
- FOUNDATION + ECOSYSTEM = 45% — UNUSUALLY HEAVY ON PROTOCOL-CONTROLLED CAPITAL.
Use as your starting point
Open the ETHENA tokenomics in Token Economics, edit the allocations, change the vesting, see the sell pressure live. Free, no signup.
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