ENA is Ethena's governance token (15B max supply). Staking ENA into sENA enables protocol fee sharing once the governance fee switch is active and earns airdrop-campaign multipliers.
Tokenomics
Max supply
15.00B
Buyback policy
Governance fee switch can route revenue to sENA stakers (not a buyback/burn).
Distribution
Ecosystem development & airdrops30%
Core contributors30%
Investors25%
Foundation15%
- 15B ENA max supply.
- sENA captures fee sharing (once enabled) + airdrop multipliers.
Metadata
Token typeGovernance
Sub-categoryGovernance Token
IssuerView entity
ChainsArbitrum One
Arbitrum nativeNo
Founded—
Off-chain facts
- Fee SwitchCuratedTheoretical
ENA governance can activate a fee switch sharing revenue with sENA stakers once thresholds are met.
Ethena