Ethena team is questioned for using 180 million ENA to earn Sats in Season 3

On October 28th, X platform user @Nomad02887202 posted that the Ethena team is currently using 180 million ENA tokens (25% of the total supply of SENA tokens used to earn Sats) for Sats liquidity mining in the third quarter, which dilutes the rewards for other participants and raises concerns about the team's ethics. The evidence timeline is as follows:

August 22nd: Coinbase announced that its Prime service would become the main custodian for ENA tokens from Ethena Labs and Foundation.

August 23rd: Coinbase Prime custody address received over 3 billion ENA tokens, which exceeded the total circulation of ENA at the time, and it is believed that this is the Coinbase Prime custody address for ENA tokens locked by the core team of Ethena Labs and Ethena Foundation.

October 3rd: When SENA staking was launched through S2 airdrop, Coinbase Prime Custody distributed 180 million ENA tokens to six wallets:

• Day 1: 2 transfers (30 million and 35 million ENA)

• Following days: 4 transfers (35 million, 30 million, 25 million, and 25 million ENA).

@Nomad02887202 explained that these SENA tokens can earn not only Sats but also Ethereal points (the DEX cooperating with Ethena will be launched at the end of 2024). Data shows that the Ethena team's SENA tokens currently account for 20% of the total Ethereal points accumulated.

The user also pointed out: "These suspicious addresses have not been questioned for the first time. This was the most voted question in Ethena's first community conference call, but the Ethena team chose to completely ignore it, which fully demonstrates the team's ethics and attitude."