One-week token unlock: ENA will unlock 3.3% of the circulating supply
- Core point: ENA is experiencing a medium unlocking period, and the market is paying attention to its stablecoin mechanism.
- Key elements:
- 210 million ENA tokens were unlocked this week, accounting for 3.3% of the circulating supply.
- The USDe stablecoin maintains its peg through a BTC/ETH hedging mechanism.
- The Movement project has unlocked 50 million tokens and focuses on a modular framework.
- Market impact: Unlocking may trigger short-term selling pressure, so pay attention to the performance of funding rates.
- Timeliness annotation: short-term impact.
ENA (Ethena) saw a series of positive news over the past two weeks, leading to a significant price increase. This week, ENA saw a moderate unlocking of 3.3% of the circulating supply. The unlocking ratios for all other tokens were less than 2%.
Ethena
Project Twitter: https://x.com/ethena_labs
Project website: https://www.ethena.fi/
Number of tokens unlocked this time: 210 million
Amount unlocked this time: approximately US$110 million
Ethena Labs' algorithmic stablecoin, USDe, currently relies on collateralized BTC and stETH, along with their inherent yields. It simultaneously creates short positions in Bitcoin and ETH to balance delta and leverages perpetual/futures funding rates to maintain the peg and provide yield. This balance is achieved by using spot gains to offset losses from short positions, while still reaping the benefits of ETH staking and the short position funding rate.
The specific release curve is as follows:
Movement
Project Twitter: https://x.com/movementlabsxyz
Project website: https://movementlabs.xyz/
Number of tokens unlocked this time: 50 million
Amount unlocked this time: approximately US$6.37 million
Movement is a modular framework for building and deploying Move-based infrastructure, applications, and blockchains in any distributed environment. The first version, M1, redefines L1 as a vertically composable and horizontally scalable Layer 1 framework that is compatible with Solidity, connects the EVM and Move liquidity, and allows builders to customize modular and interoperable application chains with different user bases and liquidity out of the box.
The specific release curve is as follows:
