Ethena: All token incentives and inflation related to USDe will be fully discontinued starting at the end of this month.

Ethena (ENA), a synthetic USD protocol, announced in an official statement that token incentives linked to the growth of its USDe stablecoin have fallen by roughly 85% since its first airdrop in 2024. All token incentives and inflation related to USDe will be fully discontinued by the end of this month, with no further distributions to follow. The project thanked all users who participated in growing the product to its current scale. Per HTX market data, ENA is leading today’s altcoin rally, hitting $0.28. On September 25, Ethena revealed a partnership with Binance to expand USDe’s basis trading strategy from crypto perpetual contracts to stock perpetuals. The strategy involves spot purchases of bStocks—tokenized stock certificates issued by Binance’s affiliates—to hedge short positions in USDT-denominated stock perpetuals on the same platform. For further analysis, see "Behind ENA’s Surge: What’s the Impact of Ethena’s Expansion to US Stock Perpetuals?"