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Ethena ecosystem an overview of apps and integrations in the ethena ecosystem all ethena cexs Ena is first and foremost a governance token, governing the ethena protocol and its critical decisions In late 2024 and early 2025, unclaimed ena grants from ethena's season 1 airdrop were distributed to sena
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As of september 2025, however, no distributions are in effect or announced. The table below summarizes the distribution of funding rates since inception. A perpetual and spot exchange built on its own appchain running its entire orderbook with susde and native rewards embedded, where ethena will provide liquidity and hedging flows into the exchange.
The remainder of the allocation will be used for various ethena initiatives, including the upcoming second season of the incentive campaign, as well as various cross chain initiatives, exchange partnerships and much more, which will be held by a dao controlled multisig.
Historically, long positions have paid the funding rate to the short side, which on average are expected to provide ethena with an excess return over rewards from eth staking and liquid stables holdings
