Ethena says it has distributed more than $800 million in rewards to users across its USDe ecosystem since its launch in 2024. Most of the payments went to those who staked USDe in sUSDe, while other ecosystem activities also received rewards. As of September 30, 2026, ENA token incentives have been fully discontinued after already being cut by approximately 85% since 2024. The average annual yield on sUSDe was around 5% in Q3 2026 and must now rely mainly on protocol revenue. Ethena has also introduced a buyback mechanism that can use up to 95% of certain eligible net revenues, but it only activates once USDe supply reaches a first threshold of $7.5 billion, compared with roughly $4.94 billion in mid-October 2026.
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