Ethena ENA

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Ethena stands out thanks to its strong team governance and market ecosystem performance, with roadmap delivery remaining a key focus, currently holding a solid B- rating.

Rating updated 2026-08-05
B-65.27 / 100

Sector Rank #23 · Global Rank #148

Roadmap Delivery30F
Technical Implementation----
Tokenomics61.98D-
Team Governance94.82A
Market Ecosystem81.72B-
Security & Compliance58.27E+
01

Overall Rating

B- · 65.27 / 100
Roadmap Delivery
30
Tokenomics
61.98
Team Governance
94.82
Market Ecosystem
81.72
Security & Compliance
58.27
Overall Score
65.27

Ethena has an overall rating B-f B (total 63.7), ranking high in team governance, market ecosystem, and economic model across six dimensions. The main points of deduction are roadmap delivery (30 points)—mainly affected by development continuity (0 points), development heat trends (0 points), and other sub-items.

Rating Team Conclusion: "Ethena has relative advantages in team governance, market ecosystem, and economic model, but its current shortcomings are concentrated in roadmap delivery." " It is recommended to allocate moderate positions and continuously track subsequent improvements in weak area dimensions.

02

Six-Dimension Rating Breakdown

Roadmap Delivery

48.5/100

Roadmap On Time Delivery RateWeight 35%50 / 100 · 50 / 100

Last 4 upgrades achievedWeight 30%40 / 100 · 40 / 100

Milestones to DeliverWeight 20%50 / 100 · 50 / 100

History Extension RecordWeight 15%60 / 100 · 60 / 100

Technical Implementation

69/100

Consensus MechanismWeight 30%90 / 100 · 90 / 100

Main network years of operationWeight 15%70 / 100 · 70 / 100

Recent upgradesWeight 35%50 / 100 · 50 / 100

Client DiversityWeight 20%70 / 100 · 70 / 100

Tokenomics

71/100

Deflationary MechanismWeight 30%90 / 100 · 90 / 100

Inflation rateWeight 25%60 / 100 · 60 / 100

Staking rate/position lock-up rateWeight 25%40 / 100 · 40 / 100

Supply Upper LimitWeight 20%95 / 100 · 95 / 100

Team Governance

83.75/100

Core Development TeamWeight 30%95 / 100 · 95 / 100

Governance mechanismsWeight 25%75 / 100 · 75 / 100

Financial TransparencyWeight 25%90 / 100 · 90 / 100

Concentration of key peopleWeight 20%70 / 100 · 70 / 100

Market Ecosystem

76.25/100

Active AddressWeight 30%80 / 100 · 80 / 100

Ecological chain/L2 quantityWeight 25%95 / 100 · 95 / 100

DeFi TVLWeight 25%90 / 100 · 90 / 100

Developer communityWeight 20%30 / 100 · 30 / 100

Security & Compliance

41.5/100

Historical Major FailureWeight 25%40 / 100 · 40 / 100

Regulatory AttitudeWeight 30%40 / 100 · 40 / 100

Sec AttitudeWeight 30%40 / 100 · 40 / 100

Client Bug FrequencyWeight 15%50 / 100 · 50 / 100

04

B- Peer Comparison

Export CSV
EthenaB- · 65.27HighstreetB- · 66.19NeiroB- · 65.93PowerPool Concentrated Voting PowerB- · 65.7
Overall Score65.2766.1965.9365.7
Roadmap Delivery3057.1556.358.68
Technical Implementation--60.2559.556.1
Tokenomics61.9870.7580.171.6
Team Governance94.8272.6965.4273.68
Market Ecosystem81.7266.7569.464.16
Security & Compliance58.2767.6862.2168.54

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