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Following
ENA Ethena local token ENA key unlock on October 5: significant differences between data platforms
During the key unlock of Ethena local token ENA planned for October 5, a dramatic digital difference emerged between data platforms. CoinMarketCap points out that approximately 1.41 billion ENAs may be unlocked at this time, while DropsTab showed only 171.88 million ENAs unlocked on the same date. The fundamental reason for this difference is that Ethena has adjusted the unlocking schedule for its investor tokens.
Ethena revised the investor token unlocking schedule.
The Ethena Foundation announced on August 27 that the remaining original investor tokens will no longer be released according to the previous monthly allocation plan. Instead, they are scheduled to be fully unlocked at one time on October 5, 2026. This means that the previous allocation schedule for investor tokens has been extended to March 2028 and has now been replaced by a new arrangement.
With the implementation of this change, various data platforms began to calculate the number of unlocks expected to occur on October 5 in different ways.
What is the source of data for the 1.41 billion ENAs?
According to Tokenomist calculations based on the vesting schedule, the number of ENAs that investors have not yet entered the circulation market is approximately 1.406 billion. Taking into account the regular allocation in September, the remaining investor quotas are expected to be transferred to a single unlock on October 5. CoinMarketCap also uses a figure of approximately 1.41 billion ENAs in its latest analysis. Because this quantity may have a potential impact on the circulating supply, this unlocking has attracted the attention of ENA investors.
There is an important distinction here: 1.41 billion ENAs are not the final unlock total announced by Ethena. This figure is based on an estimate based on a published token allocation schedule.
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Why does DropsTab appear as 171.88 million ENAs?
DropsTab lists 171.88 million ENAs unlocked on October 5. Data from the platform shows that about 93.75 million ENAs are core contributor shares, and 78.13 million ENAs are investor shares.
This figure corresponds to the standard share of investor tokens under the original monthly allocation mechanism. Due to Ethena's August change to advance the unlocking time for remaining investor tokens to October 5, a difference occurred between DropsTab's existing data and the new schedule.
Therefore, the difference between 171.88 million ENAs and 1.41 billion ENAs is mainly due to different schedule versions based on different data platforms, rather than two completely different token quantities.
Has Ethena announced the specific total number of ENA unlocked?
As of now, Ethena has not announced a single and final total number of unlocks. The project has confirmed that all remaining original investor tokens will be released on October 5, but did not mention the specific total number of ENA in the public statement.
Therefore, it is inaccurate to regard 1.41 billion ENAs as a definite official figure. In existing data, this value should be considered an estimate based on the updated schedule. The 171.88 million ENAs reflect the old monthly model adopted by DropsTab.
Why do investors pay close attention to this number?
解锁并不意味着代币会自动在市面上抛售。释放出的ENA可能被持有者保留、转移到其他钱包或存入交易所。
因此，对投资者而言，关键不仅在于解锁了多少代币，更在于这些ENA的最终去向。特别是大型钱包是否向交易所转账，对于理解10月5日后可能出现的抛压具有重要意义。
综上所述，Ethena确定将在10月5日一次性释放其剩余的投资者代币。争议点在于解锁的总数量。CoinMarketCap及更新的vesting计算指向约14.1亿枚ENA，而DropsTab显示为1.7188亿枚。要确切了解解锁总量，需等待解锁实际发生并追踪链上的相关代币动向。
本内容基于一般市场数据，不构成投资建议。建议读者进行独立研究。
