Ethena has distributed over $800 million in rewards within its USDe ecosystem since the token launched in early 2024. The majority of these payouts went to users who staked USDe into sUSDe, while the remainder was allocated to participants in various ecosystem activities.
The protocol officially ended ENA token incentives for USDe stakers on September 30, 2026. Prior to this total phase-out, the incentives had been reduced by approximately 85% since 2024. Currently, the average annual percentage yield on sUSDe remains at about 5%.
The circulating supply of USDe peaked at approximately $15 billion in October 2025, but dropped to around $4.94 billion by mid-October 2026. Ethena has now implemented an ENA fee switch mechanism, allowing for buybacks funded by up to 95% of certain net revenues.
The fee switch mechanism remains inactive until the USDe supply reaches a threshold of $7.5 billion. To reach this milestone, the current supply must increase by more than $2.5 billion. The protocol is currently focusing on integrations with Aave V4 and Morpho, as well as testing Ethena Pay.
