# Ethena Will End USDe-Linked Token Incentives and Inflation This Month

By John Kim

Canonical URL: https://www.tokenpost.com/news/business/24377
Published: 2026-09-26T08:26:35.000Z
Updated: 2026-09-26T08:26:35.000Z
Section: Business

> Incentives tied to USDe growth have fallen about 85% since the protocol’s first airdrop in 2024.

Ethena plans to end all token incentives and inflation tied to USDe by the end of September, removing a major mechanism used to support the synthetic dollar protocol’s growth.

Incentives linked to USDe growth have fallen about 85% since Ethena’s first airdrop in 2024. No further USDe-related incentives or inflation will be distributed after the month-end cutoff.

USDe is Ethena’s synthetic dollar, while ENA is the protocol’s token. The policy change follows Ethena’s expansion of its basis-trading strategy to tokenized stock products and stock perpetual contracts on Binance, announced Sept. 25.