Ethena ends ENA token incentives for USDe after 85% reward cut
- —ENA incentives for USDe cut ~85% since 2024, falling to zero this month
- —Over $750 million in total rewards distributed since launch
- —USDe supply fell from ~$15 billion peak to below $5 billion
- —Ethena Foundation ended recurring ENA investor unlocks as of October 5, 2026
Why it matters: Ethena is betting sustainable revenue can replace token subsidies: a September governance proposal ties ENA buybacks to USDe supply milestones, starting at $7.5 billion.
Source: Crypto Briefing