Developers USDe stablecoin – the company Athena Labs – suspected of misusing 180 million native ENA marks for medicine. This was reported by a researcher under the name Nomad.
Warning: Important notice for ENA/USDe holders
The Athena team is currently using 180M ENA tokens (25% of the SENA supply that earns sats) to farm sats in Season 3, effectively reducing the rewards of other participants. This raises serious concerns about the ethics of the team.
Thread
— Nomad (@Nomad02887202) October 27, 2024
The expert says that the Athena team owns about 25% of the total blocked in stuck ENA. Community members lock coins to earn Sats points for season 3 airdrop.
Nomad warned that this situation could reduce the amount of rewards for regular participants.
According to the investigation, more than 3 billion ENA were sent to the Coinbase Prime Custody address in August, which was supposed to be aimed at the core team of Athena Labs and the Athena Foundation, but had a verification period.
In October, after the launch of the staking tool, six crypto wallets owned by Athena received 180 million ENA from Coinbase Prime Custody. All of them presented on Athena’s board for Sats volume.
In addition to on-chain points, the protocol team also won rewards in Ethereal points. The pool of developer-linked wallets accounts for about 20% of all Ethereal allocated to the community, according to Nomad.
Athena sits leaderboard shows
0xB6dcCA1e6F3aB04B899cBf30cFcE22E6F9272C9F ranks 17th with 33.6B sitting
0xC4bf1D0e09c400891ed780652b75b93fEE2c704e ranks 20th with 32.2B sitting
0x1cF0Bc14FB1f9d0a3620d99bAA624944634d8AA5 ranks 24th with 28.8B sitting…
— Nomad (@Nomad02887202) October 27, 2024
“Nobody really knows how much funding and revenue the Athena team is getting from the $2.6 billion user fund, or whether it’s driving all of the revenue.” to USDe holders,” the analyst said.
In response to questions from network partners, Athena Labs representatives said that the team does not use locked coins for farming.
We are aware of questions circulating in Discord and X regarding whether Athena investors or team are earning Ethereal rewards through sENA using locked tokens.
We would like to clearly confirm to our community that no locked team or investor tokens are held as… pic.twitter.com/v5SxgDwCTp
— Athena Labs (@ethena_labs) October 28, 2024
“Any ENA sent from these wallets is resolved according to the exact sales schedule described in the original token distribution blog post. These wallets contain tokens of unlocked assets that meet the criteria,” the statement said.
The Protocol Foundation has also assured the community that the addresses listed will not receive air money or rewards from Ethereal in the future.
Let us remind you that the capitalization of the stablecoin from Athena Labs has exceeded $3 billion mark in just four months after launch – faster than all competitors.
В CryptoQuant recommended This parameter is monitored by USDe maintainers. According to calculations, under conditions of negative financing rates, it will be possible to maintain the reserve fund if the capitalization of the “synthetic dollar” does not exceed $ 3 billion.
Earlier experts analysis the vulnerability of the fund to extreme changes in the market.
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2024-10-28 16:32:00
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