Ethena has stopped ENA token incentives for USDe stakers after reducing rewards by 85% since 2024, ending a program that fueled rapid growth of its synthetic dollar stablecoin. USDe's supply peaked at $15 billion in 2025 but dropped below $5 billion as incentives dried up and funding rates cooled. The protocol now links ENA buybacks to USDe supply milestones, aiming for sustainable growth through institutional credit products and stablecoin services rather than token subsidies. This shift challenges ENA holders to bet on USDe's recovery without continuous token emissions.
Ethena's recent move to end token incentives for USDe provides context for cryptocurrency market activity. For readers following crypto assets, here is Pluang's market snapshot as of Sep 26, 2026 15:01 WIB: out of 50 major cryptocurrencies priced on Pluang, 40 rose and 9 fell today. Notable movers include AAVE at Rp2.762.842 with a 7.65% increase and 73% buy order activity, DOT at Rp21.897 up 6.05% with 79% sell orders, and UNI at Rp172.785 rising 5.77% with 97% buy orders.
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