Crypto Confusion Ethena’s $ENA Unlock Amount in Dispute

The cryptocurrency community is facing significant confusion regarding the upcoming unlock of Ethena’s native token, $ENA, on October 5th. Data platforms CoinMarketCap and DropsTab are reporting vastly different figures, with CoinMarketCap suggesting around 1.41 billion $ENA will be unlocked, while DropsTab indicates only 171.88 million $ENA.

The discrepancy arises from a schedule change announced by Ethena in August 2026. Originally, investor tokens were set to be released monthly until March 2028, but the new plan accelerates this process into a single transaction starting October 5th. DropsTab’s figure of 171.88 million $ENA reflects an outdated monthly calendar, while CoinMarketCap’s higher estimate is based on the accelerated release.

Under the new schedule, approximately 1.40 billion $ENA allocated to investors, plus 93.75 million $ENA for core contributors, could be unlocked, totaling around 1.5 billion $ENA. This represents 10% of the total $ENA supply and 14.9% of the current circulating supply. However, the exact amount remains unconfirmed by Ethena, leading to varying calculations across platforms.

Adding to the confusion, StablecoinX holds 3.03 billion $ENA with restrictions lifting on October 5th. However, any sale or transfer requires prior approval from the Ethena Foundation, meaning not all tokens will necessarily enter the market immediately. Additionally, the Ethena Foundation has repurchased positions from some early investors, further complicating the net amount of $ENA that will be tradable.