Recently, netizen Nomad revealed on social media that the Ethena team, a decentralized financial protocol, used 180 million ENA tokens, equivalent to 25% of the SENA supply, in the SENA third quarter points airdrop event. This operation diluted the profits of other participants and raised serious concerns among holders about the team's ethics and transparency.

Suspicious flow of team managed tokens

According to public evidence compiled by Nomad, Coinbase announced on August 22 that its Prime service would become the primary custodian for Ethena Labs and the Foundation's ENA token. Just one day later, the Coinbase Prime custody address received over 3 billion ENA tokens, far exceeding the circulation at the time, so it can be reasonably speculated that these tokens may be locked in tokens of the Ethena team and foundation.

With the launch of SENA staking on October 3rd, Coinbase Prime distributed 180 million ENA tokens to six wallets and quickly began mining. The distribution operation is as follows:

On the first day, two transactions were made (30 million and 35 million ENAs), followed by four more transfers in the following days. These tokens will not only earn Bitcoin profits, but also receive Ethereal Points expected to be launched by Ethena's collaboration DEX in 2024. Currently, the team's SENA has accumulated 20% of the total reward.

The team ignored the doubts of the holders and received widespread criticism for their past misdeeds

Nomad accuses that this is not the first time Ethena's team's behavior has caused dissatisfaction among holders. In Ethena's first community call, questioning the community issues surrounding these suspicious addresses received the most votes, but the team completely avoided discussing it. In addition, the Ethena team's "bad record" in arbitrarily modifying unlocking rules has greatly reduced the trust of the holders. For example, in the S1 mining activity, the Ethena team once requested holders to pledge 50% of the unlocked tokens when the unlocking process was halfway through; S2 participants are facing a blow from the temporary implementation of the 30 day average position rule, almost incurring huge losses.

Ethena's' Black Box '

As a CeDeFi project, Ethena's operating model is described as a 'black box', where users can only rely on data provided by the team and have no way of knowing the true revenue data obtained by the project from $2.6 billion in user funds. The outside world is uncertain whether the agreement will distribute all profits to SUSDe holders. For a protocol running in CeDeFi mode, trust should be the key cornerstone, but the Ethena team's approach has gradually caused holders to lose confidence.

(责任编辑：黄金TD)

• ·法人挂大量应付款会有什么后果
• ·10月31日招商瑞智优选混合(LOF)净值增长0.66%，今年来累计上涨22.7%
• ·80%交易量来自Rug资金：Base链活跃度新高背后，Uniswap流动性的骇人真相
• ·10月31日嘉实对冲套利定期混合C净值下跌0.36%，今年来累计下跌6.34%
• ·GT Radar Weekly Report 10/30: BTC challenges historical high, US election will trigger violent fluctuations
• ·岱勒新材：股东拟协议转让5.01%股份
• ·PA日报 | 黑客已开始向美国政府返还资金；Tether疑受美国检察官调查和财政部制裁，其CEO对此否认
• ·“存折支取无需特定方式，这是什么意思？”
• ·一般纳税人收到发票怎么做账
• ·10月31日华宝大盘精选混合净值下跌0.27%，近1个月累计上涨0.29%
• ·比特币不同钱包-比特币不同钱包可以互转吗
• ·10月31日益民品质升级混合C净值增长0.83%，近3个月累计上涨19.73%
• ·刚打完发票可以注销税控盘吗
• ·10月31日鹏华安颐混合A净值增长0.34%，近6个月累计上涨4.52%
• ·山东现在什么天气情况-山东现在什么天气情况最严重
• ·2010年中国人能买比特币吗