Ethena

Ethena ENA

Status: ListedLending, RWA, & DeFi Spot
Token GradeAA
Overall Score: 46.9 /100Rank: 15 of 172
Disclosures A5.70 /10
Performance AAA8.22 /10

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Disclosures overview

Core Contributors

Legal & Financial

Tokenomics

Service Providers

Performance overview: market quality

Total Volume (as % of Market Cap)

Market Cap (USD)

Trade Volume (USD)

Trade Volume (prev. 30d avg)$1,091,126,914
Market Cap (prev. 30d avg)$2,731,047,166
Trade Volume / Market Cap44.22%
GradeAAAScore10.00Percentile100.00%

Depth +/- 2% (as a % of Market Cap)

Depth +/- 2% (USD) | Market Cap (USD)

Depth +/- 2% (prev. 30d avg)$179,585,222
Market Cap (prev. 30d avg)$2,731,047,166
Depth / Market Cap6.73%
GradeAAAScore10.00Percentile100.00%

Bid / Ask Spread (volume weighted spreads)

Bid / Ask Spread (%)

Exchange with Tightest SpreadsBinance
Volume Weighted Bid / Ask Spread (prev. 30 days)0.1087%
GradeAAAScore8.00Percentile95.32%

Price Performance

30D Change: -23.23%

Price (USD)

Count Green Candles17
Count Red Candles13
Candle "Win Rate"56.67%
GradeAAScore7.00Percentile97.63%

Open Interest (as a % of Market Cap)

Top Venues by OI (prev. 30d avg)

Binance$121,477,406
Hyperliquid$117,277,150
Gate$94,181,927
Total (All Exchanges)$698,522,925
Open Interest / Market Cap22.33%
GradeAAAScore10.00Percentile100.00%

Funding Rate

Funding Rate (%)

Open Interest-Weighted Funding Rate+0.0011%, longs pay shorts
GradeAAScore7.00Percentile85.35%

Performance overview: liquidity providers

Data not disclosed

Market Maker Volume (as a % of total volume)

N/A
GradeAAA
Score10.00
Percentile100.00%

Market Maker Depth (as a % of total depth)

N/A
GradeAAA
Score10.00
Percentile100.00%

Market Maker Uptime / KPI Adherence

N/A
GradeAAA
Score10.00
Percentile100.00%

Performance overview: liquidity footprint

Top-Tier Exchange Coverage

4 out of 4 (100%)BinanceOKXCoinbaseUpbit
GradeAAAScore10.00Percentile100.00%

Total Volume (CEX vs DEX)

Volume (USD)

CEX Volume (avg)$614,902,310
DEX Volume (avg)$819,952
CEX Volume share99.97%
GradeAScore5.00Percentile71.35%

Total +/- 2% Depth (CEX vs DEX)

+/- 2% Depth (USD)

CEX Depth (avg)$128,930,246
DEX Depth (avg)$1,914,348
CEX Depth share97.66%
GradeAAScore6.00Percentile80.12%

Total Volume (Spot vs Perps)

Volume (USD)

Spot Volume (avg)$615,722,262
Perps Volume (avg)$735,766,330
Spot Volume share38.24%
GradeAAAScore9.00Percentile75.44%

Total +/- 2% Depth (Spot vs Perps)

+/- 2% Depth (USD)

Spot Depth (avg)$130,844,594
Perps Depth (avg)$65,977,568
Spot Depth share63.71%
GradeAAAScore10.00Percentile100.00%

Performance overview: tokenomics

Disclosed token vesting vs actual vesting

Disclosed TGE DateN/A
Disclosed Duration48 months
Disclosed Total Groups4
Disclosed Max. SupplyN/A

Disclosed Maximum Token Supply (%) | Months Since TGE

Commentary versus actual token vesting

The insider schedule is complete and stated with unusual clarity — the explicit "no tokens unlocked prior to the cliff" statement for both groups is above sector norm; most projects leave this to inference. The stated TGE date is wrong, and every vesting date derives from it. The tokenomics page reads: "Unlock schedules for Core Contributors and Investors started on ENA TGE at March 5th 2024." ENA's token generation and airdrop occurred in early April 2024, and the one-year cliff release for both groups was observed in April 2025. Two groups totalling 45% of supply have no circulation schedule whatever — the Foundation and Ecosystem Development allocations are described only by purpose. No vesting contract address is published for either insider group, so nothing is independently verifiable against a deployed schedule. No restatement or progress reporting — no running statement of what has unlocked against the schedule. Third-party tracking records the unlock schedule as extending into 2028, with 9,828,125,000 ENA unlocked.

GradeCCCScore0.00Percentile100.00%

Market Cap vs FDV (ratio)

0.89:1
GradeAAA
Score10.00
Percentile100.00%

Fully Diluted Valuation (FDV) (USD)

$3,034,781,710
GradeAAA
Score10.00
Percentile100.00%

Annualized Rate of Inflation

12.03%
GradeA
Score5.00
Percentile76.09%
Data as of 2026-10-28Scoring config v4Rated 172 of 173 projects

UTR scores evaluate disclosure quality and token market structure. The score is informational and should not be interpreted as an assessment of expected returns or as an investment recommendation.