ENA token fundamentals: supply, unlocks, fees and valuation

ENA token fundamentals

Measured 2026-10-27T01:15:51+00:00 UTC. Measurements, not forecasts: a multiple is a level, not a direction.

Supply and valuation

Circulating	13.41bn (89.4% of max)
Max supply	15.00bn
Supply source	CoinGecko (AGGREGATOR ONLY — no chain reading available)
Market cap (circulating)	$2.80bn
Fully diluted value	$3.13bn
Float vs FDV	MC/FDV 0.8938 · gap $332.30m not yet in the float
FDV basis	mark price $0.21 × max supply 15.00bn (CoinGecko)

Forward supply and unlocks

Forward supply (chain)	UNVERIFIED futureEmissions is an on-chain field and this token has no Hyperliquid spot listing
Scheduled, next 30 days	263.35m tokens (1.96% of circulating, $54.91m at mark); insider/investor class 64.3% DefiLlama's documented vesting model
Scheduled, next 90 days	790.06m tokens (5.89% of circulating, $164.73m at mark); insider/investor class 64.3% DefiLlama's documented vesting model
Scheduled, next 365 days	3.20bn tokens; insider/investor class 64.3%; documented schedule ends 2028-04-05 DefiLlama's documented vesting model
Model note	Data shown is from a CSV supplied by Ethena on 20 May 2024.

Fees and revenue (protocol: ethena)

Fees 24h / 30d / 1y	$18.49k / $16.44m / $241.76m
30-day run-rate vs 1y	$200.04m annualised vs $241.76m actual (-17.3%)
Revenue 1y (kept by protocol)	$2.01m (0.8% of fees)

Valuation vs fees and revenue (trailing 1y)

MC / fees · FDV / fees	11.6x · 12.9x = $2.80bn / $241.76m and $3.13bn / $241.76m
MC / revenue · FDV / revenue	1,389.1x · 1,554.2x = $2.80bn / $2.01m and $3.13bn / $2.01m

Where the sources disagree

• Fee run-rate: the trailing 30 days annualise -17.3% versus the trailing year ($200,043,836 vs $241,757,675). Stated as a measurement; no forecast is attached.

Field states: emission_30d PASS · emission_90d PASS · fees PASS · forward_supply UNVERIFIED · price_to_fees PASS · price_to_revenue PASS · revenue PASS · supply PASS · unlock_schedule PASS · valuation PASS. Sources: Hyperliquid chain (tokenDetails), DefiLlama (fees, revenue, unlocks page), CoinGecko (cross-check).

How to read this page

Every figure is a measurement taken at the time printed above the tables. None of them is a forecast, and a multiple is a level, not a direction. Where a field could not be read, the table says so and prints the reason instead of a number.

Fully diluted value multiplies the mark price by one supply total, and the sources do not always agree on that total. The FDV basis row names the total used. When the vesting model documents a different total, the gap row prints it. When that total is larger than the max, the row also prints the FDV it would give; when it is smaller, the model covers only part of the supply and no second FDV is computed.

Scheduled unlocks come from a published vesting model and are dated by that model. Fees and revenue are trailing figures. Supply is cross-checked across sources, and where two sources disagree the disagreement is listed rather than resolved quietly.

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