Ethena: USDe token incentive program ends on a go-forward basis - Sep 2026

Ethena is ending all token incentives and inflation tied to USDe on a go-forward basis, concluding the incentive program that had already declined roughly 85% since 2024. The change removes the last source of ENA dilution connected to the product's growth program.With the program concluded, ENA no longer carries dilution from USDe growth incentives, giving holders a cleaner non-inflationary case for the token. Because emissions had already fallen about 85% from 2024, the incremental reduction in potential sell pressure is modest, so the change formalizes an existing trend rather than creating a new supply shock.The practical effect is a simpler tokenomics profile: future ENA issuance is no longer tied to subsidizing USDe adoption, making supply dynamics easier to evaluate.Since the initial airdrop in 2024 token incentives related to USDe growth have declined by roughly ~85% from 2024 to this year.As of the end of this month there will be zero token incentives and inflation on a go forward basis related to USDe.For all of those who participated…