PANews reported on October 28 that X platform user @Nomad02887202 posted that the Ethena team is currently using 180 million ENA tokens (25% of SENA supply, used to earn Sats) to conduct Sats liquidity mining in Season 3, which actually dilutes the rewards of other participants and raises great concerns about the ethics of the team. The timeline of evidence is as follows:
- August 22: Coinbase announced that its Prime service will become the primary custodian for Ethena Labs and Foundation’s ENA token.
- August 23: The Coinbase Prime custodian address received more than 3 billion ENA tokens, which, according to Ethena's vesting plan, exceeded the total circulation of ENA at the time. There is reason to believe that this is the Coinbase Prime custodian address of ENA tokens locked by the Ethena Labs core team and the Ethena Foundation.
- October 3: When SENA staking launched via the S2 airdrop, the Coinbase Prime Custody address distributed 180 million ENA tokens to 6 wallets: • Day 1: 2 transfers (30 million and 35 million ENA) • Next days: 4 transfers (35 million, 30 million, 25 million, 25 million ENA).
@Nomad02887202 explained that these SENA can not only earn Sats, but also Ethereal points (the DEX in cooperation with Ethena will be launched at the end of 2024). Data shows that the Ethena team's SENA has currently accumulated 20% of the total Ethereal points.
The user also pointed out: “This is not the first time these suspicious addresses have raised questions. In Ethena’s first community call, this was the most voted-on question, but the Ethena team chose to completely ignore it, which speaks volumes about the team’s ethics and attitude.”
