CoinIvy

Market weather: green · Bitcoin above its 20-week average (31 Oct 2026)

EthenaENA

The governance token of Ethena, issuer of the USDe synthetic dollar backed by hedged crypto positions.

Rank #40Since April 2024
Price on 31 Oct 2026
C$0.2686 +138.2% since 31 Jul 2026 · 87.0% below its all-time high

The short version

Ethena issues USDe, a synthetic US dollar backed by hedged crypto positions and reserve assets, with about US$4.5B outstanding; ENA is its governance token. A fee switch passed on 2 Sep 2026 sends 95% of net revenue to buybacks, but only once USDe supply reaches US$7.5B. The ENA contract's owner can mint up to 10% more supply once a year. On 31 Oct 2026 one ENA cost C$0.2686. From 31 Jul 2026 to 31 Oct 2026 its price changed +138.2% in Canadian dollars, and it was 87.0% below its all-time high of C$2.07 set on 11 Apr 2024.[1]

Checked 31 Oct 2026 · 15 sources · next update about 1 Dec 2026

Price, past year

Past year: high C$0.5472 (1 Nov 2025) · low C$0.1006 (11 Jun 2026) · -50.8%[1]

Month-end prices (table)
DateC$US$
31 Oct 2026C$0.2691US$0.1927
30 Sep 2026C$0.3534US$0.2483
31 Aug 2026C$0.2054US$0.1481
31 Jul 2026C$0.1137US$0.0811
30 Jun 2026C$0.1116US$0.0786
31 May 2026C$0.1220US$0.0884
30 Apr 2026C$0.1411US$0.1039
31 Mar 2026C$0.1266US$0.0911
28 Feb 2026C$0.1405US$0.1028
31 Jan 2026C$0.2075US$0.1538
31 Dec 2025C$0.2785US$0.2033
30 Nov 2025C$0.3978US$0.2836

Daily prices from CoinGecko; C$ converted at the Bank of Canada daily rate. The latest point is live when available. Past prices, not a forecast.

Choose what to see

Key facts

Price, 31 Oct 2026
C$0.2686[1]
3-month change
+138.2% in C$ (31 Jul 2026 to 31 Oct 2026)[1]
From its high
87.0% below its high of C$2.07 (11 Apr 2024)[1]
Market rank
#40, market value about C$3.6B[1]
Kind
Token · Ethereum (ERC-20)
Started
April 2024

Checks: the same 9 questions for every coin

Facts, not a rating
Can an admin key create new coins?YesThe owner can mint up to 10% of supply once a year (contract code)[2, 3]
Can anyone freeze or take coins from holders?NoNo blacklist, pause or balance-change function in the contract[3]
Can the token's contract code be changed?NoFixed contract code on Ethereum, not a proxy[3]
Is the supply capped?NoThe owner can mint more, so the 15 billion supply is not a hard cap[2, 4]
Any scheduled unlocks in the next 12 months?Yes275M ENA on 1 Nov 2026; 12-month total up to about 8-12% of circulating[5]
Does a team or foundation hold over 10% of supply?YesFoundation got 15% and insiders 55%; about 1.59B ENA remains locked[6, 4]
Do network fees reach coin holders?NoFee switch starts only when USDe reaches US$7.5B; about US$4.5B now[5, 7]
Main network hacked or halted in the past 2 years?NoNo exploit of Ethena contracts in DefiLlama's records[8]
Is a regulator or court case targeting the coin itself?NoBaFin's 2025 action ended with redemptions in Aug 2025; no live case found[9]

Each answer is a fact with a source, not a score. What each check means.

Who controls it

Run by
Ethena Labs, founded by Guy Young[10]
Backers
Dragonfly, Franklin Templeton, Polychain, Pantera and others; US$182.5M raised[11]
Owner key
The contract owner can mint up to 10% of supply once every 365 days[2, 3]
Germany
BaFin barred Ethena GmbH from selling USDe in 2025; redemptions closed in Aug 2025[9]

Supply

In circulation
13.41B ENA of a 15.00B maximum (89.4%)[1]
Fully diluted value
1.12 times its current market value[1]
Allocation
Core contributors 30%, investors 25%, ecosystem 30%, foundation 15%[6]
1 Nov unlock
275M ENA on 1 Nov 2026, 2.05% of circulating[5]
Next 12 months
Total unresolved; estimates reach about 1.1-1.6B ENA, 8-12% of circulating[5, 11]

Use and fees

Fees
US$238M over the past year; none to ENA holders[12]
Fee switch
95% of net revenue to buybacks once USDe reaches US$7.5B; USDe was US$4.5B on 31 Oct[5, 7]

Trading

Daily trading
About C$609.8M a day on average, 31 Jul 2026 to 31 Oct 2026[1]
Daily turnover
Typically 22.33% of its market value changes hands each day[1]
20-week average
37.3% above its 20-week average price[1]
1-year change
-52.0% in C$[1][13]

History

Not a forecast

Coins ranked 11-50 at this point in past cycles (12-14 months after a Bitcoin peak), one year later: 1,080 cases, 157 coins

46% were higher a year later[14]

Typical result
Median -6% after a year; 61% higher after two years
Lost half or more
25% within a year
Against Bitcoin
12% did better than Bitcoin over the year

History, not a forecast.

Red flags and things to watch

1 red flag found
  • Red flag: The ENA contract owner, not a governance vote, can mint up to 10% of total supply once every 365 days.[2, 3]
  • The attacker behind a hack on 30 Oct 2026 sold about 217.5M ENA that day.[15]
  • Ethena Pay (beta, Sep 2026) excludes users in the US, EU, UK and Canada.[15]
  • Dropstab shows 53.55M ENA unlocking on 2 Nov 2026, against 275M reported elsewhere for 1 Nov.[11, 5]

Checked: admin keys, contract upgrades, unlocks, insider supply, hacks, legal actions and claims against records.

Sources and dates

  1. CoinGecko market data, 31 Oct 2026
  2. Etherscan (ENA verified contract), 1 Nov 2026
  3. GoPlus token security, 1 Nov 2026
  4. CoinMarketCap coin page, 31 Oct 2026
  5. CryptoTicker (1 Nov unlock, buyback threshold), Oct 2026
  6. Ethena docs (ENA tokenomics)
  7. DefiLlama stablecoins, 31 Oct 2026
  8. DefiLlama hacks, 31 Oct 2026
  9. Cointelegraph (BaFin redemption plan), 2025
  10. CryptoRank (Ethena team)
  11. Dropstab (Ethena vesting), Oct 2026
  12. DefiLlama fees and revenue, 31 Oct 2026
  13. Bank of Canada USD/CAD rate, 31 Oct 2025
  14. CoinIvy history data: CoinMarketCap weekly rankings 2013-2026, dead coins included
  15. CoinMarketCap AI updates (Ethena), Oct 2026

Facts as of 31 Oct 2026. Prices from CoinGecko in Canadian and US dollars; US$ figures without a C$ price are converted at 1.3976 C$ per US$.