Ethena is ending its ENA token incentive program for USDe stakers, reducing rewards to zero after an 85% cut since 2024. The protocol previously distributed over $750 million in rewards to drive adoption.
The circulating supply of the synthetic dollar USDe peaked at approximately $15 billion in October 2025. By late August 2026, the supply contracted by more than 65%, falling below $5 billion.
The Ethena Foundation stopped recurring ENA investor unlocks on October 5, 2026, following a buyout of locked tokens. The protocol is now pivoting toward institutional credit and white-label stablecoin products.
A governance proposal from September 2026 links ENA buybacks to USDe supply milestones. If the supply exceeds $7.5 billion, 95% of net protocol revenue will be used to purchase ENA from the open market.
