Tokens Unlocked, But Who Forgot to Tell the Market? 🤔

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*Tokens Unlocked, But Who Forgot to Tell the Market? 🤔*

Tokens Unlocked, But Who Forgot to Tell the Market? 🤔

Ah, Ethena. The ambitious sweetheart of the blockchain realm has just unlocked 7.93 million of its tokens. But lo and behold, the market yawned. Not a glitch, not a hiccup, and certainly no champagne-popping joy—or despair 🤷‍♀️. The price? Firmly entrenched in the same miserable trench it’s been wallowing in since before the unlock. CoinGecko couldn’t even drum up excitement for this; the poor token’s still down 10% in the last 24 hours. Ouch.

Let’s not forget, these newly liberated tokens are but a blip in the grander ocean of Ethena’s supply: a modest 0.25%. Meanwhile, a healthy 65.66% of its tokens stay under lock and key, like dragon gold in a fairy tale. Yet, contrary to all drama-laden market instincts, the token quietly sat there. You’d almost think someone forgot to tell traders how to panic. 🤭

Now here’s the kicker: over a year ago, back in June 2024, Ethena pulled the ol’ “modern finance move” of overhauling its tokenomics. A bold pivot indeed, vowing stability and imposing a 50% lock-up on all airdrop recipients. That’s right—if you got free tokens, you better also get comfy waiting. Call it delayed gratification. Or, if you’re in the open crypto market, call it a snoozefest.

Oh, did this bold move spark harmony and kumbaya moments? Hardly. 🪓 Critics, wielding their metaphorical pitchforks of economic discontent, were quick to pounce. “Favoring insiders!” they cried. “Aligning with early investors!” they scoffed. Governance arguments ran rampant. Alas, governance in crypto is just another word for “who gets to yell the loudest.”

But here’s the twist: despite all the initial backlash, Ethena’s tokenomics overhaul is—against all odds—*kind of working*. Prices may not have soared, but stability looks… stable. Immediate selling? Discouraged. Long-term sustainability? Dare we say it… plausible? These days, even optimism feels rebellious in the blockchain world.

So here we are. Ethena’s half-forgotten unlock event speaks volumes about its strategy: lull the market into a boredom coma, seal short-term speculators out in the cold, and focus on the long haul. As for the rest of us? Just waiting for the next punchline. Or price spike. Whichever comes first. 🤷‍♂️

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2025-02-12 17:49