Nay retweeted
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Proprietary wallet attribution, entities, and economic roles. Historical counterparties and transaction filters.
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Attack on Aave for stopping buybacks after a 9 fig hack for which all the Ethereum defi had to chip in, and for Labs receiving grants (like in virtually any other project where token has any voting power)
Aave token is better than 99% of all the garbage. Don’t need to go far just look at their competitors
Just to reaffirm how terrible Aave Labs is and how uninvestable AAVE token is despite how much their team wants to psyop you into believing they care, they’re still on a multi year plan to slow rug the DAO and treasury
1. Aave Labs rugs front end revenue from the DAO. Huge controversy. DAO rigs votes & governance process in their favor. Eventually they propose and pass “Aave Will Win” which says they’ll direct all revenue to the DAO (wait until you see #2 lmao). But the Labs also votes themselves $25mil for operations and an additional $17.5mil for hitting objectives like $5mil for launching and app (what’s the point of the $25mil?)
2. Soon after they get rekt on the rsETH bridge exploit and pause buybacks (more good news fork token holders 🙃). Buybacks have not resumed btw
3. Of course in the meantime they’re in no rush to resume buybacks but they are in a rush to get the app launched so the Labs can cash in their $5mil performance bonus for shipping an App…
4. And now they’re setting up another Cayman Islands entity 🤦🏼♂️ because this time it’s really gonna align incentives ! By the way the DAO is being asked to foot the bill for this again. **wtf was the point of funding Labs with $25mil if the DAO is still funding everything after that?
There’s many sub $10mil memecoins with more holder alignment and holder revenue than AAVE
Nay retweeted
Unlock day for $ENA. Ethena treasury withdrew 117.5M $ENA from Bybit in the past 24h, more than offsetting the recent treasury-linked CEX deposits.
Following improvements to its token economics, we’ve also upgraded ENA’s tokenholder alignment to Medium.
Full picture below.
$ENA supply picture ahead of the full investor unlock on October 5.
First, how much is there left in insider hands?
@inflecta_io tracks ~1.33B $ENA, just under 9%, in investor wallets & distribution contracts. For context, over the last year, investors sent 1.06B ENA (80% of that) to trading venues, before factoring in any treasury/other insider distributions.
Ethena's offer to buy out investors doesn't necessarily mean the overhang was fully cleared - since August 1st, there has been about 180M $ENA of investor-linked distributions. So it's continuing to be cleared ahead of the event.
Now, who owns most of this investor allocation?
The top three VCs: @yzilabs, @DragonflyVC, @strobefund hold approximately 42% of it – 560M $ENA – and haven't sold any ENA since 2025, although some participated in an in-kind @stablecoin_x PIPE. These funds are almost certainly indifferent to this unlock.
It’s not just the top three. The vast majority hold substantial liquid ENA alongside their locked allocations. October 5 isn’t their first opportunity to sell.
Finally, there has been some pre-positioning ahead of the news. Arthur Hayes sold his unvested ENA to Ethena and bought liquid. At least two other funds bought on the market about a month before the news broke, and some of it is being distributed now.
Overall, I don't see how unlock itself can be non-bullish, provided the market holds. $ENA has had a generational distribution over the past year. Those wanting a way out were offered a buyout by the Ethena team, followed by an opportunity to exit at twice that price in the market. Most of the remaining holders hold enough unlocked supply to make the unlock irrelevant.
You can track the flows as they happen at inflecta.io
That " $ENA whale" is Ethena’s ecosystem-development treasury wallet, migrated to CB Prime custody last September.
Today, 30M ENA moved via BitGo to Binance. Another 31M team-controlled ENA moved to Bybit a week ago.
nothing new unfortunately
Last month, $5M was printed for $VVV incentives vs. $700k bought back, so you need a 7x just to close this gap. Not to mention a $12M insider distribution on top of that.
And the token/equity split is determined by the people who own 90% of the equity.
Not looking sustainable.
It's incredible that people still have this take about $VVV
@AskVenice will take tens of millions of dollars and buy-and-burn $VVV and left-curvers will still regurgitate the equity misalignment trope
$ENA setup and flows looking good here
Ethena looks good here:
- All investor unlocks accelerated to the end of this week, I guess as close to a "bullish" unlock as you could expect
- flows looking good
h/t @inflecta_io for the data
$ENA supply picture ahead of the full investor unlock on October 5.
First, how much is there left in insider hands?
@inflecta_io tracks ~1.33B $ENA, just under 9%, in investor wallets & distribution contracts. For context, over the last year, investors sent 1.06B ENA (80% of that) to trading venues, before factoring in any treasury/other insider distributions.
Ethena's offer to buy out investors doesn't necessarily mean the overhang was fully cleared - since August 1st, there has been about 180M $ENA of investor-linked distributions. So it's continuing to be cleared ahead of the event.
Now, who owns most of this investor allocation?
The top three VCs: @yzilabs, @DragonflyVC, @strobefund hold approximately 42% of it – 560M $ENA – and haven't sold any ENA since 2025, although some participated in an in-kind @stablecoin_x PIPE. These funds are almost certainly indifferent to this unlock.
It’s not just the top three. The vast majority hold substantial liquid ENA alongside their locked allocations. October 5 isn’t their first opportunity to sell.
Finally, there has been some pre-positioning ahead of the news. Arthur Hayes sold his unvested ENA to Ethena and bought liquid. At least two other funds bought on the market about a month before the news broke, and some of it is being distributed now.
Overall, I don't see how unlock itself can be non-bullish, provided the market holds. $ENA has had a generational distribution over the past year. Those wanting a way out were offered a buyout by the Ethena team, followed by an opportunity to exit at twice that price in the market. Most of the remaining holders hold enough unlocked supply to make the unlock irrelevant.
You can track the flows as they happen at inflecta.io
Koreans are actually selling $ENA alongside insiders and liquid funds
Nay retweeted
This is basically what we built Inflecta for – value accrual, holder alignment, unlocks/actual distributions, plus how insiders, liquid funds and retail are positioned.
Just use Inflecta 🫡
Nay retweeted
Derive is live on Inflecta.
Five contracts are tracked across four chains, including $STDRV and $DRV on the Derive chain.
Track ownership structure, flows, and positioning:
inflecta.io/drv/
'stablecoin' 'backed' by shorts on illiquid OTC deals - what could go wrong?
How this gets funded and then attracts 9fig in AUM is just beyond reason
Neutrl has temporarily paused minting, redemptions, and other protocol functions following circumstances affecting protocol reserves. These measures have been taken in the interest of our users, after advice from legal counsel, to preserve an orderly process while the impact is assessed.
Users will be provided with a clear and orderly process in due course. Further information on timing, and next steps will be shared as soon as available.
Breaking down the major insider/liquid fund flows and general market supply & demand picture in a new note, every Monday!
Introducing Weekly Flows – a new weekly note from Inflecta Research.
Insider distributions, retail / institutional demand, treasury movements & interpretation in one short piece every Monday.
This week's note covers $MORPHO, $ENA, and $ONDO in depth.
inflecta.substack.com/p/week…
Pretty interesting drama in the @ethena risk committee election:
@Nexo appears to have single-handedly moved K3 Capital from almost the bottom to first place hours before the end, voting in size from multiple wallets
