Das Ethena-Team steckt in einer Glaubwürdigkeitskrise: Sollen durch die Verwendung von 180 Millionen ENA zum Erwerb von Sats die Belohnungen verwässert werden?

Originalautor: Nomade

Originalübersetzung: Felix, PANews

Ethena, the Ethereum stablecoin synthetic dollar project, has not yet gotten rid of the question of being the next LUNA and has recently suffered another credibility crisis. A community user posted on the X platform questioning the use of 180 million ENA to earn Sats in Season 3, diluting the rewards of other participants. The following is the content details.

The Ethena team is using 180 million ENA tokens (25% of the SENA supply to earn Sats) for Sats liquidity mining in Season 3, which effectively dilutes the rewards of other participants. This move has raised great concerns about the ethics of the team.

Timeline of evidence:

August 22: Coinbase announced that its Prime service will become the primary custodian for Ethena Labs and Foundation鈥檚 ENA tokens.

August 23: The Coinbase Prime escrow address received more than 3 billion ENA tokens, which exceeded the total circulation of ENA at the time according to Ethena鈥檚 vesting plan. There is reason to believe that this is the Coinbase Prime escrow address for ENA tokens locked by the Ethena Labs core team and the Ethena Foundation.

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

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

• Next few days: 4 transfers (35 million, 30 million, 25 million, 25 million ENA)

Ethena sats ranking shows :

These SENA can not only earn Sats, but also Ethereal points (the DEX in cooperation with Ethena will be launched at the end of 2024). The figure below shows that the Ethena team鈥檚 SENA has currently accumulated 20% of the total Ethereal points.

This is not the first time these suspicious addresses have raised questions. In Ethena鈥檚 first community call, this was the most voted-on question, but the Ethena team chose to completely ignore it, which speaks volumes about the team鈥檚 moral character and attitude.

The Ethena team has always had questionable ethics, having previously changed vesting rules at will. Users who participated in S 1 mining may remember that the Ethena team forced them to stake 50% of their vested tokens halfway through the vesting schedule. Users who participated in S 2 mining suffered losses due to the last-minute implementation of a 30-day average USDe holding rule. S 2 YT holders almost suffered a huge loss when they were about to be subject to the same average holding rule.

As a CeDeFi project, it is largely a black box in nature. Users have no choice but to trust the numbers released by the Ethena team. No one really knows how much revenue and staking income Ethena has received from the $2.6 billion user fund, or whether all the income has been passed on to SUSDe holders. While it is critical for a protocol like Ethena to establish a solid trust with users, the teams past performance has run counter to this concept.

This article is sourced from the internet: The Ethena team is in a credibility crisis: Using 180 million ENA to earn Sats is intended to dilute rewards?

Related: Exclusive interview with the MapleStory Universe team: Transforming from a classic to making truly fun Web3 games

Original｜Odaily Planet Daily Author: jk In the rapid development of the Web3 game industry, how to combine classic IP with the unique mechanism of Web3 has become a challenge faced by Web2 game transformation. MapleStory, which has a history of more than 21 years, is no exception: this game IP has established a unique brand image in the Web2 era, and it is now preparing to move into the Web3 field. Odaily Planet Daily had the honor to interview the MapleStory Universe team, a Web3 ecosystem based on the MapleStory IP, supported by Nexon, the parent company of MapleStory. They shared their mental journey and innovative thinking in the development of MapleStory Universe. The team members recalled the unforgettable moments during the internal test, and lamented how the implementation of…