Ethena, a stablecoin-to-USD project, is facing doubt over being the “next LUNA” as they have recently encountered another integrity crisis. A community user raised concerns about the use of 180 million ENA tokens (25% of the SENA supply) for Sats liquidity mining in Season 3, which dilutes other participants’ rewards.
Coinbase Prime custody addresses received over 3 billion ENA tokens, exceeding the total circulating supply of ENA at the time, raising further concerns about the Ethena team’s ethics. The Ethena team has faced previous accusations of arbitrary changes to attribution rules and has a history of questionable decisions.
As a CeDeFi project, users must trust the Ethena team’s numbers, but their past actions have undermined trust.
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<p>The post Ethena: Is It the Next LUNA first appeared on CoinBuzzFeed.</p>
