Rewards Campaigns To Date

Season 1 and Season 2 of Ethena’s rewards campaigns combined to distribute a total of 1.5bn ENA to our users so far, 10% of ENA’s total supply. Below we outline more details on Season 3 distribution size and timing.

Since the inception of Ethena’s rewards campaigns we have always had our liquidity providers as top priority, incentivizing long term participation in the Ethena ecosystem. Season 1 was one of the fastest points programs in history lasting only 6 weeks.

With the launch of Converge and the onboarding of new apps built on USDe, Season 4 will see a lot of exciting integrations and expansions which we believe all present unique opportunities for growth and upside for Ethena.

With that in mind, there is a need to balance maturing as a protocol without appropriate long term inflation for ENA holders, directing ENA towards opportunities that will drive success to the protocol over the long term.

As a reminder, 30% of the total ENA supply is allocated to the Ecosystem and Community, with just 10% distributed via airdrops to date.

Season 3 Distribution Summary

1. The Season 3 distribution date will be May 1, 2025 16:00 UTC

2. Holding requirements for tokens that are vesting have been removed.

3. The top 2000 wallets as measured by rewards will be subject to vesting. However, only 1/3 of their sENA will be subject to vesting requirements compared to 1/2 in the previous seasons. Wallets outside the top 2000 will not be subject to any vesting.

4. 3.5% of the total ENA supply will be distributed as rewards for Season 3. With a higher ENA price today, the Season 2 and Season 3 airdrop are broadly similar in terms of dollar equivalent distributed.

   1. Season 2 distribution size on airdrop date = $202.5m

   2. Season 3 distribution size as of today = $178.5m

5. There will be no eligibility checker period and as a result the distribution will happen imminently on May 1st. If you see S3 points for your wallet in Ethena UI, you should check Liquifi for your airdrop on the distribution date.

6. Season 4 sENA distribution will at least match the 3.5% of supply distributed in Season 3 and will only last 6 months.

For more details on Season 4 and FAQ’s, please see our previous blog post.