On June 18th, ETHena made an update to its token economics by introducing a universal restaking mechanism in the Ethena ecosystem and the upcoming Ethena Chain. This update also includes a requirement for users who receive ENA tokens through airdrops to be “locked” in. While Ethena claims that this move aims to reduce the inflation rate of ENA and incentivize holders to become long-term users, some users have expressed concerns due to the team’s history of changing the unlock mechanism for airdropped tokens in the Shard Campaign. This latest update’s “mandatory” nature is quite evident. Some users have pointed out that Ethena’s frequent changes to the mechanism are simply to ensure that ENA cannot be sold before the team and investors unlock it. However, even if this is done to maintain the value of ENA, it has left users feeling disheartened.
