Ethena is a token. It has no blockchain of its own and no consensus of its own — it rents both from the chains it is issued on, which is why it is listed separately from the cryptocurrencies.
| CoinSpectrum Grade | E · 34/100 · provisional, E to D |
|---|---|
| Type | Token |
| Class | DeFi |
| Backing | Non-backed |
| Market capitalisation | $2.6B |
| Price | $0.1960 |
| Circulating supply | 13,406,250,000 ENA |
| Issued on | 19 chains |
Market data rebuilt every six hours; this build 28 October 2026. Live prices on the ranking.
E — 34 out of 100, provisional (from 8 of 10 criteria, 28 October 2026 build). With what is not yet measured anywhere from nothing to full marks, the score would be 27 to 47 (E to D).
| Criterion | Score | Basis |
|---|---|---|
| Leading Consensus Mechanisms | 4.9 | group average |
| Host chain | 7.9 | Issued on Ethereum (A, 79/100) |
| Asset class (below every coin family) | 1.8 | Tokens: below every native coin family on the consensus ladders, 0.9 of 10 by largest asset and 2.7 by combined market cap |
| Network security | 0 | No network of its own: secured by its host chain, scored above |
| Decentralisation | 1 | group average, 3 of 4 measured |
| Minting and supply (who can mint more) | 0 | The ENA contract has mint(address,uint256) restricted to its owner, a timelock contract (0xe8dc…7c94) run by Ethena. My understanding is that the contract caps each mint at 10% of supply, at most once a year; the bytecode confirms the mint function but not that cap.; no fixed maximum supply source |
| Premine (pre-issued at launch) | 0 | 100% of supply pre-issued at launch. All 15B ENA were minted at deployment and allocated by the deployer, airdrops and the Launchpool included. source |
| Fundraising | 3 | Sold to the public or to investors: 70% of supply was the insiders' to sell, 26.7% sold. Seed of about $6.5M (2023, Dragonfly-led) and a $14M strategic round (Feb 2024, co-led by Dragonfly and Maelstrom, $300M valuation) are covered by the 25% investor allocation. The Ethena Foundation also ran a $100M private ENA sale (Dec 2024/Feb 2025, average just under $0.40, about 250M ENA, about 1.7%) to Franklin Templeton, Polychain, Pantera, Dragonfly and F-Prime; this is counted in soldPct. source |
| Holder concentration | — | Not yet measured |
| Supply & Demand | 7.2 | group average |
| Supply & Demand | 8.1 | average of 5 measures |
| Exchanges (10 or more: 10) | – | exchanges not yet counted |
| Daily volume ($10K 0, $1B or more 10) | 8.8 | $376,535,739 traded in 24 hours; #10 by volume on the exchanges the site reads (scored on the median day of the last 2, $259,165,159) |
| Turnover (volume ÷ market cap, 5% a day: 10) | 8.5 | 9.7% of its market cap a day, median of the last 3 days |
| Order-book depth (bids and asks within 2% ÷ market cap, 1%: 10) | 8.6 | $10,327,500 within 2% of the price on 9 exchanges, 0.39% of its market cap, median of the last 2 days; a lower bound: the books returned by 1 of them stop short of 2% |
| Market cap ($1M 0, $10B or more 10) | 8.5 | $2.6B, 8.5 on a scale of 2.5 points per tenfold |
| Paper trading (futures, options and margin ÷ market cap, 0%: 10, 100%: 0) | 5.9 | futures, options and margin positions 17% of its market cap |
| Supply (smaller is better) | 6.2 | fixed maximum supply of 15 billion |
| Record (origin, claims, halts) | — | Not yet reviewed |
Ten criteria, weighted equally — for a token, the host chain replaces the developer share, the asset class stands in for the consensus ladders, and who can mint more for the Cryptocurrency Standards. Provisional: criteria marked — are not yet measured and are left out of the average. A rating of structure and market depth, not a price forecast or investment advice. How the grade is built · Highest-graded cryptocurrencies.
| Pre-issued at launch | 100% of supply |
|---|---|
| To team, investors and treasury | 70% of supply |
| Sold to the public or to investors | 26.7% of supply |
| Who can mint more | An issuer, foundation, multisig or admin key can mint more |
| Fundraising | Private or venture funding |
All 15B ENA were minted at deployment and allocated by the deployer, airdrops and the Launchpool included.
Seed of about $6.5M (2023, Dragonfly-led) and a $14M strategic round (Feb 2024, co-led by Dragonfly and Maelstrom, $300M valuation) are covered by the 25% investor allocation. The Ethena Foundation also ran a $100M private ENA sale (Dec 2024/Feb 2025, average just under $0.40, about 250M ENA, about 1.7%) to Franklin Templeton, Polychain, Pantera, Dragonfly and F-Prime; this is counted in soldPct.
The ENA contract has mint(address,uint256) restricted to its owner, a timelock contract (0xe8dc…7c94) run by Ethena. My understanding is that the contract caps each mint at 10% of supply, at most once a year; the bytecode confirms the mint function but not that cap.
The exact size of the 2023 seed round varies by source. soldPct adds the Foundation's 2024/25 private sale to the 25% investor allocation.
Sources: tokenomist.ai · theblock.co · etherscan.io. Researched 2026-10-23, high confidence.
It is issued on 19 chains, which means 19 separate issuances of the same claim. Linked names are chains that are themselves cryptocurrencies with a page here.
CoinSpectrum counts an asset once. A token has neither its own blockchain nor its own consensus mechanism, so it fails both of the site's two conditions — it is a thing issued on a chain, and the chain is what is counted. The methodology states the rule, and the argument for it is set out in full.
Listed, not hidden. The point is that it is measured as what it is.