Ethena

Ethena generated $948.3M in gross revenue from Nov 2023 to Mar 2026 (854 days), with $331.7M retained as net revenue. Its primary token utilities include Staking Rewards, Staking Access, Other, Status Tiers, Other, and Delegated.

This averages $$1.1M in daily gross revenue across the tracked period.

ENA accrues value through 2 mechanisms: Direct Revenue Share and Buyback & Hold.

• Direct Revenue Share: Protocol revenue is deposited daily into the sUSDe staking contract, increasing the sUSDe:USDe exchange rate and distributing yield directly to sUSDe stakers (averaged 19% APY in 2024, ~9.82% in mid-2025). Additionally, sENA stakers receive redistributed unclaimed airdrop tokens.
• Buyback & Hold: Ethena executed institutional buyback programs ($310M and $260M) funded through PIPE transactions, purchasing ENA tokens from the market with price-sensitive daily allocation ($5M-$10M/day) to reduce circulating supply. The tokens are acquired and held, not burned.

Yes, Ethena burns ENA tokens via Buyback & Hold.

ENA serves 6 primary functions within the Ethena ecosystem: Staking Rewards, Staking Access, Other, Status Tiers, Other, and Delegated. The protocol generates fees from user activity. Value flows back to token holders through Direct Revenue Share and Buyback & Hold.

Token utilities:

• Staking Rewards: ENA staked as sENA automatically appreciates in value as protocol revenues accumulate via a Token Vault mechanism similar to rETH. Additionally, locked sENA positions earn multiplied ecosystem rewards (10x-40x) and receive redistributed unclaimed airdrops.
• Staking Access: Staking ENA as sENA is required to unlock governance voting rights on ENA-specific proposals and to participate in ecosystem reward multiplier tiers (3/6/12-month locks for 10x/20x/40x multipliers).
• Other: sENA can be restaked through Symbiotic partnerships to provide economic security for cross-chain USDe transfers via LayerZero DVN-based messaging, a distinct utility beyond standard staking rewards or network security.
• Status Tiers: Locked sENA positions have explicit named tiers with escalating perks: 3-month lock provides 10x multiplier, 6-month lock provides 20x multiplier, and 12-month lock provides 40x multiplier on all ecosystem rewards.
• Other: sENA holders receive direct token airdrops from ecosystem partner protocols — Ethereal committed 15% of its token supply and Derive committed 5% of its token supply to sENA holders.
• Delegated: Ethena implements a delegated governance structure where the vast majority of decisions are delegated by the DAO to specialized committees (e.g., Risk Committee), with ENA/sENA holders voting in bi-annual elections to appoint committee members.

Value accrual mechanisms:

• Direct Revenue Share: Protocol revenue is deposited daily into the sUSDe staking contract, increasing the sUSDe:USDe exchange rate and distributing yield directly to sUSDe stakers (averaged 19% APY in 2024, ~9.82% in mid-2025). Additionally, sENA stakers receive redistributed unclaimed airdrop tokens.
• Buyback & Hold: Ethena executed institutional buyback programs ($310M and $260M) funded through PIPE transactions, purchasing ENA tokens from the market with price-sensitive daily allocation ($5M-$10M/day) to reduce circulating supply. The tokens are acquired and held, not burned.

Read our deep dive: Ethena tokenomics analysis.

In 2026, Ethena generated $65.1M in gross revenue. Of that, $612.6K was retained as protocol revenue (treasury), $64.5M went to supply-side participants (e.g. liquidity providers).

Year-by-year revenue breakdown:

• 2026: $65.1M gross revenue — $612.6K to protocol, $64.5M to supply-side
• 2025: $384.7M gross revenue — $12.8M to protocol, $371.9M to supply-side
• 2024: $413.4M gross revenue — $233.1M to protocol, $180.2M to supply-side

Ethena's gross revenue has decreased by 32.3% over the past 90 days compared to the prior 90-day period, from $96.2M to $65.1M.

• Recent 90d daily average: $731.0K/day
• Prior 90d daily average: $1.1M/day