Ethena: Removes future VC investor unlocks - 27 Aug 2026

The Ethena Foundation and lead investors are removing future monthly VC investor unlocks by releasing unvested tokens, while team tokens remain on their original vesting schedules.Removing the scheduled VC releases changes the expected timing of ENA supply entering circulation. Instead of recurring monthly unlocks for those investor allocations, the unvested tokens are released under the announced arrangement. This reduces one identified source of anticipated supply pressure, while leaving team token vesting unchanged. The size of the token effect cannot be determined from the announcement because the amount of unvested VC tokens and how those tokens are treated are not disclosed. The change clarifies the future unlock schedule for VC allocations, but it does not provide a complete view of all token supply flows.Further details are linked in the blog below: