There’s Major Confusion Surrounding Ethena (ENA) — Will 1.4 Billion or Just 171 Million ENA Be Unlocked Tomorrow?

Of the 171.88 million $ENA in question, 93.75 million is allocated to core contributors and 78.13 million to investors as monthly entitlements. CoinGecko similarly displays figures based on this old monthly calendar.

However, on August 27, Ethereum changed the schedule for the remaining $ENA tokens allocated to investors, which were originally planned to be released monthly until March 2028. According to the new schedule, the remaining portion of the investor allocation is planned to be released in a single transaction starting October 5th. Since the project team has not disclosed the exact amount to be released in this transaction, platforms are using different calculation methods.

The Real Figure Could Approach 1.5 Billion $ENA!

Under the old schedule, approximately 78.13 million $ENA was allocated to investors each month. Calculating the 18-month period between October 2026 and March 2028, the accelerated investor allocation appears to be approximately 1.40 billion $ENA.

When this is added to the planned October rollout of 93.75 million $ENA for key contributors, the total amount that will become transferable on October 5th reaches approximately 1.5 billion $ENA. This figure corresponds to 10% of the total $ENA supply and approximately 14.9% of the current circulating supply.

The approximately 1.41 billion $ENA shown by CoinMarketCap is also largely based on accelerated investor allocation. However, it should be noted that this amount is not an official figure definitively confirmed by Ethereum, but an estimate calculated based on the old calendar.

Some platforms show a higher figure, such as 1.578 billion $ENA. This calculation appears to add the entire 171.88 million $ENA from the previous calendar to the accelerated 1.406 billion $ENA. However, the 171.88 million $ENA already includes the 78.13 million units allocated to investors in October. Therefore, there is a possibility that the same investor tranche has been calculated twice using this method.

Will All 3 Billion $ENA Be Released to the Market?

Another development that has increased the confusion regarding the unlocking process stems from StablecoinX’s holdings of approximately 3.03 billion $ENA. A formal document submitted to the US Securities and Exchange Commission states that the lock, vesting, and unlocking restrictions on StablecoinX’s $ENA tokens will be lifted as of October 5th.

However, this development does not mean that all 3.03 billion $ENA tokens can be sold on the market on the same day. The document clearly states that StablecoinX must obtain prior written approval from the Ethena Foundation before it can conduct any sale, transfer, or disposal transaction. If a sale is planned to raise funds, the foundation must be informed at least five business days in advance and must have the right to purchase all or part of the tokens at the proposed price.

Since StablecoinX’s tokens are sourced from existing $ENA allocations, directly adding 3.03 billion $ENA to the estimated 1.5 billion token unlock is also incorrect. Such a calculation could result in the same tokens being counted twice.

It is also known that the Ethereum Foundation has repurchased positions held by some large early investors who previously sold their locked tokens. The amount repurchased in these transactions has not been disclosed. Therefore, the gross amount unlocked on the calendar may not be the same as the net amount that will actually become tradable on the market.

In conclusion, the 171.88 million $ENA shown on DropsTab reflects an outdated, unupdated monthly calendar. Based on current information, the most consistent gross token unlocked for October 5th is approximately 1.5 billion $ENA. However, there is not yet enough data to conclude that all of these tokens will be sent to exchanges or sold directly.

*This is not investment advice.