Is ENA deflationary?

Key figures

Scores are 0–100 research shortcuts, not price forecasts. Sources: strong. Data as of Oct 23, 2026.

Supply history

Daily observed circulating supply from the market snapshot. Scheduled releases are shown separately below.

Upcoming releases

The published release schedule is fully dated and modeled. Remaining disclosed insider vesting is modeled directly from Ethena documentation.

How ENA supply changes

Core and investor allocations had a 25% one-year cliff followed by three years of monthly linear vesting.

Questions people ask about ENA supply

Is ENA deflationary?

ENA supply is expected to stay about flat over the next twelve months (0.0% policy). That figure is a published protocol policy, not a measured rate. Under its no permanent burn program program, there is no permanent supply reduction, funded by fixed capped allocation. Known releases over the next twelve months equal 15.4% of current circulating supply. Beneat Supply Watch ranks ENA #20 of 25 with an overall supply score of 65 out of 100, as of Oct 23, 2026.

When is the next ENA unlock?

The next known ENA release is on Nov 5, 2026 (estimated date): 175.0M ENA from core and investor vesting, about 1.17% of reference supply. A release can add selling pressure but does not mean holders will sell.

How much ENA is in circulation?

13.41B ENA is in circulation, about 89.4% of the 15.00B reference supply, with a market cap of $2.67B. Release progress is 5 of 5; expected completion: March 2028.

How does ENA supply change?

Core and investor allocations had a 25% one-year cliff followed by three years of monthly linear vesting. Program: No permanent burn program. Paid for by fixed capped allocation. Destination: core contributors and investors.

How reliable is this data?

ENA has strong sources: 2 cited documents, last checked Oct 23, 2026. Reconciliation against the published plan is "matched". Observed circulating supply is compared with calculable scheduled releases; opaque and dynamic flows remain outside the expectation.

Sources

• CoinGecko · Market and circulating-supply snapshot ↗2026-10-23
• Ethena Labs · ENA allocation and vesting ↗2026-09-01

Reconciliation: matched. Observed circulating supply is compared with calculable scheduled releases; opaque and dynamic flows remain outside the expectation. Machine-readable data: /api/screener/deflationary and calendar for ENA.