Wann ist die nächste Freigabe von ENA?

Ethena (ENA) has its next token unlock scheduled for January 5th at 12:00 AM (UTC). This event will release 171.88 million ENA tokens, which is about 1.15% of the total supply, according to the platform’s token unlock schedule.

1. Recent activity: The last ENA unlock was noted for December 2nd in a market calendar update this week.
2. The January 5th unlock is divided between Private Sale investors and Team/Advisors/Contractors, following a linear vesting plan.
3. The amount released each month is fairly consistent, suggesting a steady supply increase of around 1.15% per event.

Deep Dive

1. Date and Size

The upcoming unlock is set for January 5th at 12:00 AM (UTC), releasing 171.88 million ENA tokens, about 1.15% of the total supply. This information comes from the platform’s token unlock schedule. There hasn’t been a recent official update from the project itself; ideally, a project blog or tokenomics page would confirm these details.

What this means: The amount is significant but not unusually large. Since this unlock follows a predictable schedule, the market usually factors it in ahead of time.

2. Who Receives It

This unlock consists of two parts: roughly 78.13 million ENA tokens go to Private Sale investors, and about 93.75 million ENA tokens are allocated to Team members, Advisors, and Contractors. Both follow a linear vesting schedule.

What this means: Tokens going to long-term stakeholders can increase the circulating supply, but the actual market impact depends on how these recipients choose to sell and the available liquidity around the unlock date.

3. Cadence and Market Context

Media outlets highlighted the previous ENA unlock on December 2nd in their weekly “what’s ahead” reports, showing that ENA unlocks are closely watched by the market this week. This supports the idea of a regular monthly unlock schedule continuing into early January.

Confidence level: moderate. The date and token split come from the platform’s unlock schedule, but there hasn’t been a fresh official update in the past week. The media calendar helps confirm the timing. Having a direct tokenomics page from the project would boost confidence.

What this means: If you track event-related risks, consider early January as a period when increased token supply might affect the market. Instead of focusing on the exact unlock time, watch trading volume and order book depth in the days surrounding the event.

Conclusion

Ethena’s next token unlock is on January 5th at 12:00 AM (UTC), releasing 171.88 million ENA tokens (about 1.15% of supply), following a steady monthly pattern. The actual market impact depends on how recipients handle their tokens and the liquidity available. It’s best to monitor trading activity and order book depth during this period rather than assuming immediate selling pressure. If you’d like, I can provide details on ENA’s upcoming unlocks over the next three months and analyze recent liquidity to better understand the risk window.

What could affect the price of ENA?

Ethena’s price is balancing between exciting new technology upgrades and challenges from the market and regulations.

1. Protocol Upgrades – New restaking features and the upcoming Ethena Chain could increase Ethena’s usefulness (positive)
2. USDe Stability Risks – Past price drops and competition from other stablecoins create adoption challenges (negative)
3. Regulatory Scrutiny – Compliance with the GENIUS Act brings hurdles for synthetic stablecoins like USDe (mixed)

Deep Dive

1. Protocol Upgrades & Tokenomics Changes (Positive Outlook)

Overview:
In June 2025, Ethena rolled out an update allowing ENA and USDe holders to “restake” their tokens through partners like Symbiotic and LayerZero. This means users can secure multiple blockchains and earn several types of rewards at once, including 30x Ethena points and rewards from Symbiotic and Mellow. The upcoming Ethena Chain plans to use USDe as its transaction fee token, focusing on decentralized finance (DeFi) services like loans that don’t require full collateral. Also, new rules require airdrop recipients to stake half of their ENA tokens or lose unvested tokens, which helps reduce the chance of quick selling.

What this means: These improvements could encourage users to hold ENA longer and increase demand if the Ethena Chain gains traction as a key platform for DeFi and governance.

2. USDe Adoption vs. Stablecoin Competition (Mixed Outlook)

Overview:
USDe’s supply reached $3 billion in the third quarter of 2025 and is now used on platforms like Bybit, OKX, and Pendle. However, in October 2025, USDe’s price dropped to $0.65, revealing weaknesses in its design that aims to keep its value stable through complex financial strategies rather than direct cash backing. Meanwhile, Ethena partnered with Anchorage Digital to launch USDtb, a fully cash-backed stablecoin that complies with the U.S. GENIUS Act, attracting more traditional financial investors but shifting focus away from USDe.

What this means: While USDtb’s regulatory compliance could bring in more institutional money, USDe’s instability and competition from established stablecoins like Tether and Circle may limit ENA’s growth. Success depends on balancing attractive yields with reliable price stability.

3. Market Conditions & Regulatory Challenges (Negative Risks)

Overview:
The crypto market is currently cautious, with the Fear & Greed Index at 25 (Extreme Fear) and Bitcoin holding 58.7% dominance, indicating investors are avoiding risk. The GENIUS Act imposes strict rules on stablecoins, which could threaten USDe’s model that relies on financial derivatives instead of direct asset backing. Additionally, large monthly unlocks of ENA tokens (such as $54 million in November 2025) may increase selling pressure.

What this means: Weak market sentiment and regulatory uncertainty could reduce speculative interest in ENA. If regulators like the SEC focus on Ethena’s synthetic yield strategies, it could lead to more volatility, especially with upcoming token unlocks.

Conclusion

Ethena’s future depends on successfully expanding its multi-chain ecosystem while addressing USDe’s stability issues and navigating complex regulations. In the short term, watch for how well Symbiotic restaking is adopted and whether USDe’s supply recovers after the October dip. Over the long term, the success of USDtb and the launch of Ethena Chain will be key to determining if ENA can move beyond being just a “stablecoin governance token.” Will ENA’s restaking rewards be enough to overcome regulatory challenges?

What are people saying about ENA?

The Ethena community is cautiously optimistic but also skeptical about the technical outlook. Here’s what’s making waves right now:

1. Big investors are buying – Large purchases show growing confidence.
2. Regulated ETPs are launching – This opens the door for more institutional investors.
3. Concerns about stablecoins – The shrinking supply of USDe is causing some worry.

In-Depth Look

1. @Kingpincrypto12: Positive chart signals

"Double bottom pattern and reclaiming key price levels – building long positions here."
– @Kingpincrypto12 (32.3K followers · 5.8K impressions · October 5, 2025, 8:30 AM UTC)
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What this means: Traders who use charts see Ethena (ENA) holding steady between $0.25 and $0.27 as a possible launch point for a price rebound, aiming for $0.51 if the upward momentum continues.

2. @MisterSpread: Resistance levels causing hesitation

"$0.51 has turned into a supply zone – not bullish until $0.65 closes above."
– @MisterSpread (67K followers · 14.4K impressions · October 22, 2025, 1:41 PM UTC)
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What this means: Some analysts warn that ENA faces strong resistance between $0.51 and $0.65, and it needs steady buying to break through and confirm a bullish trend.

3. @Nicat_eth: Stablecoin concerns

"USDe adoption is slowing – ENA’s synthetic dollar model is under pressure."
– @Nicat_eth (7.5K followers · 3.4K impressions · December 1, 2025, 8:57 PM UTC)
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What this means: Critics point out that USDe’s supply has dropped by 24% since October, raising questions about the stability of Ethena’s synthetic dollar system during times of market volatility.

Conclusion

The outlook for Ethena is mixed: positive technical signs and big investor interest are balanced by challenges with the stablecoin USDe. Keep an eye on the $0.27–$0.30 price range—a clear move above or below this zone could set the tone for ENA’s performance in early 2026. Meanwhile, how USDe recovers (or doesn’t) remains a key factor to watch.

What is the latest news about ENA?

Ethena is gaining momentum thanks to growing interest from big investors and institutions, but its stablecoin USDe is still facing challenges. Here’s a quick summary of the latest developments:

1. Big Investor Buys $35.7M in Altcoins (Dec 5, 2025) – Including Ethena (ENA), signaling confidence despite recent market dips.
2. 21Shares Launches ENA ETP (Dec 4, 2025) – A new exchange-traded product makes it easier for traditional investors to access ENA.
3. Anchorage Partnership Offers Rewards on Stablecoins (Dec 4, 2025) – Institutions can now earn yield on USDe and USDtb, though USDe’s market share is shrinking.

In-Depth Look

1. Big Investor Buys $35.7M in Altcoins (Dec 5, 2025)

A large investor, often called a “whale,” purchased $35.7 million worth of altcoins, including ENA, during a recent market dip, according to LookOnChain. While many smaller investors were selling in panic, this move suggests the whale expects altcoins to rebound soon.

What this means: This is a positive sign for ENA in the short term because whale buying often leads to increased interest from other investors. However, ENA’s price still dropped 9% in the last 24 hours, showing that broader market challenges—like Bitcoin’s dominance at 58.7%—are affecting overall sentiment. (Coin Bureau)

2. 21Shares Launches ENA ETP (Dec 4, 2025)

21Shares introduced an Ethena ETP (EENA) on the SIX Swiss Exchange and Euronext. This product allows traditional investors to gain exposure to ENA without having to manage the tokens themselves. Following the announcement, ENA’s price jumped 15% during the day.

What this means: This is generally good news for ENA’s long-term outlook because ETPs add credibility and attract more investors. However, ENA’s price is still down 64% from its peak over the past 90 days, and USDe’s supply dropped 24% in November after losing its peg in October. (CoinMarketCap)

3. Anchorage Partnership Offers Rewards on Stablecoins (Dec 4, 2025)

Ethena teamed up with Anchorage Digital to offer yield (interest) on stablecoins USDtb and USDe for institutional investors. This program doesn’t require locking up funds through staking. However, USDtb’s market cap fell 22% after launch, and USDe is still struggling to regain trust after its price dropped to $0.65 in October.

What this means: This is a negative sign for USDe’s market share but a positive step for ENA as it shifts focus toward regulated financial products. USDtb, backed by Tether, might appeal to cautious institutions, helping balance out the risks associated with USDe’s synthetic model. (CoinSpeaker)

Conclusion

Ethena is navigating a complex landscape. Big investor purchases and new ETPs bring hope, but USDe’s ongoing issues and broader altcoin market challenges remain. The key question is whether the adoption of regulated stablecoins like USDtb will outpace the decline of synthetic stablecoins like USDe, or if ENA’s governance token can help stabilize the ecosystem moving forward.

What is expected in the development of ENA?

Ethena’s roadmap is focused on growing its usefulness, improving security, and connecting more with other platforms.

1. Fee Switch Activation (Q1 2026) – ENA token holders who stake their tokens will start earning a share of the protocol’s revenue.
2. Ethena Chain Development (2026) – Launch a new blockchain for financial apps that use USDe as the transaction fee currency.
3. Restaking Expansion (Ongoing) – Increase security for cross-chain transfers by allowing ENA tokens to be restaked through Symbiotic.

In-Depth Look

1. Fee Switch Activation (Q1 2026)

What it is:
In November 2025, Ethena’s community approved a “fee switch” that will send part of the protocol’s earnings (from USDe and sUSDe yield) directly to people who stake ENA tokens. This connects staking rewards to the actual profits the protocol makes.

Why it matters:
This is good news for ENA holders because it creates a cycle where more protocol revenue means higher staking rewards, encouraging people to hold onto their tokens longer. However, the rollout could be delayed, or rewards might be smaller if USDe doesn’t grow as expected.

2. Ethena Chain Development (2026)

What it is:
Ethena plans to build its own blockchain dedicated to decentralized finance (DeFi) apps, like perpetual decentralized exchanges (DEXs) and loans without full collateral. This chain will use USDe as the “gas” token, which pays for transaction fees. ENA tokens that are restaked will help secure important parts of the network, such as price oracles and bridges that connect different blockchains.

Why it matters:
This move could make USDe a key building block in DeFi and increase the usefulness of ENA tokens. On the downside, technical challenges or competition from other popular blockchains could slow progress.

3. Restaking Expansion (Ongoing)

What it is:
Ethena is working with EigenLayer’s network to improve security for USDe transfers across different blockchains using Symbiotic. People who stake ENA tokens can earn rewards in ENA, Symbiotic points, and possibly free tokens from partner projects like LayerZero.

Why it matters:
This is somewhat positive because it increases demand for ENA tokens. But it depends on ongoing activity in partner networks, and there’s a risk that mistakes in cross-chain transfers could hurt confidence temporarily.

Conclusion

Ethena’s roadmap aims to turn ENA into a token that generates real income through the fee switch and to make USDe a more important player in decentralized finance with the new Ethena Chain. While there are risks in delivering these plans, success could establish Ethena as a leader in synthetic dollar technology. The big question remains: Will the fee switch trigger a supply squeeze as more stakers lock up their tokens?

What updates are there in the ENA code base?

Ethena’s latest updates focus on increasing the usefulness of $ENA by introducing restaking options and better aligning the ecosystem.

1. Generalized Restaking Launch (June 26, 2025) – Users can now stake $ENA to help secure cross-chain transactions through LayerZero integration.
2. Vesting Lock Requirements (June 17, 2025) – To claim unvested airdropped $ENA, users must lock 50% of their tokens, reducing quick sell-offs.

Deep Dive

1. Generalized Restaking Launch (June 26, 2025)

Overview:
Ethena now allows staking of $ENA and $sUSDe tokens in Symbiotic pools. This helps secure USDe transfers across different blockchains using LayerZero’s DVN network. Essentially, this update connects $ENA’s value directly to the security of the entire ecosystem.

What this means:
This is good news for $ENA holders because it encourages holding tokens longer. Staking rewards are tied to the network’s security and future airdrops. Users can earn 30 times more Ethena rewards, plus points in Symbiotic/Mellow programs, and benefit from LayerZero incentives. By staking, users help reduce selling pressure and expand $ENA’s role beyond just voting rights.
(Source)

2. Vesting Lock Requirements (June 17, 2025)

Overview:
Ethena requires that 50% of newly vested $ENA tokens from airdrops be locked in staking pools like Ethena Lock, Pendle PT-ENA, or Symbiotic. This rule aims to discourage quick selling after receiving tokens.

What this means:
This change is mostly positive for $ENA because it lowers the chance of immediate sell-offs from airdrop recipients. However, some users might be unhappy about having to lock their tokens. If users don’t lock their unvested $ENA, those tokens are redistributed to users who follow the rules, encouraging everyone to support the ecosystem’s growth.

Conclusion

Ethena’s updates are designed to make $ENA more useful by adding restaking features and discouraging short-term selling. These changes help align incentives for long-term holders. The key question is whether the new LayerZero integration and staking rewards will be enough to counteract broader market challenges affecting $ENA’s price.

Why did the price of ENA fall?

Ethena (ENA) dropped 8.1% in the last 24 hours, falling more than the overall crypto market, which declined by 3.15%. Three main reasons explain this drop:

1. Economic concerns – U.S. inflation data unsettled investors, leading to a sell-off in alternative cryptocurrencies.
2. Technical breakdown – ENA fell below an important price level at $0.27, prompting short-term traders to sell.
3. Stablecoin worries – Doubts resurfaced about Ethena’s USDe stablecoin after it lost its peg in October.

In-Depth Analysis

1. Market-Wide Risk-Off Reaction (Negative Impact)

Summary:
On December 5, the U.S. Core PCE inflation report showed a 0.2% monthly increase, which was lower than expected. This raised concerns that the Federal Reserve might keep interest rates high for longer, causing a broad sell-off in cryptocurrencies. Bitcoin fell 3.4%, Ethereum dropped 4.2%, and ENA saw a 10.4% intraday decline (The Defiant).

What this means:
Crypto markets react strongly to economic news. ENA’s price is especially sensitive because it’s linked to synthetic dollar products based on derivatives, making it more volatile during times of market stress. The Fear & Greed Index is at 25, indicating “Extreme Fear,” so investors are pulling back from riskier assets like ENA.

What to watch next:
Keep an eye on upcoming U.S. job openings data (JOLTS report on Dec. 6) and Federal Reserve statements for hints about future interest rate changes.

2. Technical Breakdown (Bearish Momentum)

Summary:
ENA’s price fell below the key support level of $0.27, which had held twice in November. This triggered automatic sell orders (stop-losses), and trading volume jumped 17.2% to $238 million, showing strong selling pressure.

Key indicators:

• RSI (14-day): 47.46 (neutral but weakening)
• MACD: Bearish crossover, signaling downward momentum
• Next support level: $0.25 (lowest point expected in 2025)

What this means:
Breaking below $0.27 ended hopes for a price rebound pattern called a double bottom, shifting short-term market sentiment negative. ENA is now trading below its key moving averages (7-day average at $0.274, 30-day average at $0.283), which is a bearish sign.

3. Concerns About USDe Stablecoin (Mixed Effects)

Summary:
The supply of Ethena’s USDe stablecoin dropped 24% in November, from $9.3 billion to $7.1 billion, after it lost its peg to the dollar in October, falling to $0.65. Although Ethena announced a new partnership with Hyperliquid on December 4, traders remain cautious about the risks tied to this synthetic dollar.

What this means:
The shrinking supply of USDe suggests less demand for ENA’s yield-generating features. However, a partnership with Anchorage Digital to support USDtb, a regulated stablecoin, may help stabilize adoption over time.

What to watch next:
Monitor USDe’s collateralization ratio (how well it’s backed by assets) and on-chain redemption activity to gauge stability.

Conclusion

ENA’s recent price drop is the result of a combination of economic worries, technical selling triggers, and concerns specific to its stablecoin. While some large investors are buying (including a $35.7 million altcoin purchase involving ENA), the token needs to climb back above $0.27 to avoid testing the $0.25 support level again.

Key question: Can ENA hold above $0.25 amid important economic reports in December? Falling below this level could lead to a further drop toward $0.20.

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