Ethena Foundation has consolidated its remaining investor token unlocks into a single release scheduled for October 5, ending a monthly unlock cadence that had stretched across multiple years. The move is part of a four-part proposal that also includes a fee switch to direct protocol revenue toward ENA buybacks.
Under the new structure, all original investor tokens that have not yet vested will unlock on that single date. After the October 5 event, approximately 12% of total ENA supply will remain locked, belonging to team, ecosystem, and foundation holdings. StablecoinX tokens will continue on their separate lockup schedule.
The Foundation has also been actively purchasing locked tokens from early investors who sold during recent months, according to the announcement. This buyback activity was paired with negotiations that resulted in investor agreement to accelerate and consolidate the unlock timeline rather than continue gradual monthly releases.
The fee switch component of the proposal would route protocol revenue into ENA token repurchases, a mechanism designed to create direct buy pressure on the token once unlocks conclude. Ethena did not disclose the exact dollar amount allocated to buybacks or the percentage of protocol revenue that will be directed toward them.
The October 5 date marks a shift from the original investor agreement structure, under which token releases were dispersed across many months. By concentrating the remaining supply into a single event, Ethena aims to create a defined point after which unlock supply pressure ends, though the exact size of that October 5 release relative to current circulating supply was not disclosed.
Stablecoin protocols have faced ongoing scrutiny around token distribution equity and the pace at which investor holdings enter circulation. Other protocols have chosen to front-load token releases rather than extend unlock periods.
The number that decides whether this restructuring meaningfully alters ENA's supply dynamics is the absolute size of the October 5 unlock relative to current circulating supply, a figure the Foundation has not yet published. Investors and traders will have data on actual unlock size and its market impact only once the October 5 date arrives.
