#21 of 25 · Ethena
Is ENA deflationary?
About flat · 0.0% policy supply next year
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 20.4% of current circulating supply. Beneat Supply Watch ranks ENA #21 of 25 with an overall supply score of 63 out of 100, as of Sep 6, 2026.
Supply score
63 / 100
Key figures
Supply next year
0.0% policy
Tokens unlocking, 12 months
20.4% of supply
Circulating
67.3%
Market cap
$1.77B
Supply direction score
70
Release pressure score
41
Program strength
66
Track record
80
Scores are 0–100 research shortcuts, not price forecasts. Sources: strong. Data as of Sep 6, 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.
| Date | Allocation | Amount | Share of supply |
|---|---|---|---|
| est. | Core and investor vesting · gradual | 169.4M ENA | 1.13% |
| est. | Core and investor vesting · gradual | 175.0M ENA | 1.17% |
| est. | Core and investor vesting · gradual | 169.4M ENA | 1.13% |
| est. | Core and investor vesting · gradual | 175.0M ENA | 1.17% |
| est. | Core and investor vesting · gradual | 175.0M ENA | 1.17% |
| est. | Core and investor vesting · gradual | 158.1M ENA | 1.05% |
| est. | Core and investor vesting · gradual | 175.0M ENA | 1.17% |
| est. | Core and investor vesting · gradual | 169.4M ENA | 1.13% |
How ENA supply changes
Paid for by
Fixed capped allocation
What happens
No permanent burn program
Where tokens go
Core contributors and investors
Core and investor allocations had a 25% one-year cliff followed by three years of monthly linear vesting.
Catalyst
No material catalyst recorded.
Offsetting risk
The modeled annual insider release remains material to current float.
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 20.4% of current circulating supply. Beneat Supply Watch ranks ENA #21 of 25 with an overall supply score of 63 out of 100, as of Sep 6, 2026.
- When is the next ENA unlock?
- The next known ENA release is on Oct 5, 2026 (estimated date): 169.4M ENA from core and investor vesting, about 1.13% of reference supply. A release can add selling pressure but does not mean holders will sell.
- How much ENA is in circulation?
- 10.10B ENA is in circulation, about 67.3% of the 15.00B reference supply, with a market cap of $1.77B. Release progress is 4 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 Sep 6, 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 ↗2026-09-06
- 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.
Compare with
All 25 tokens on Beneat Supply Watch · How Supply Watch compares with other tools
Research only. Not investment advice. Beneat Supply Watch does not forecast prices.