The Ethena team has recently encountered another crisis of integrity, with community users questioning their use of 180 million ENA tokens to earn Sats, which has diluted the rewards of other participants. This move has raised concerns about the team's ethics. The ethical conduct of the Ethena team has always been in doubt, as they previously changed the attribution rules arbitrarily, resulting in losses for users. As a CeDeFi project, the transparency and trustworthiness of the Ethena team are highly questionable.

The Ethereum stablecoin synthetic dollar project Ethena has not yet shaken off the doubts of being the "next LUNA," and has recently faced another "integrity crisis." A community user posted on the X platform questioning the use of 180 million ENA to earn Sats in Q3, diluting the rewards for other participants. Below are the details of the content. The Ethena team is using 180 million ENA tokens (25% of the SENA supply, used to earn Sats) for liquidity mining of Sats in Q3, which effectively dilutes the rewards of other participants. This move has raised significant concerns about the team's ethics. These SENA not only earn Sats but also Ethereal points (a DEX in collaboration with Ethena is set to launch by the end of 2024). The following image shows that the Ethena team’s SENA has currently accumulated 20% of the total Ethereal points. These suspicious addresses have raised questions before. During Ethena's first community call, this was the most voted question, but the Ethena team chose to completely ignore it, which illustrates the team's ethical quality and attitude. The ethical integrity of the Ethena team has always been questionable, as they previously changed the vesting rules arbitrarily. Users participating in S1 mining may recall that the Ethena team forced them to stake 50% of the vested tokens halfway through the vesting plan. Users in S2 mining suffered losses due to the last-minute implementation of a 30-day average USDe holding rule. S2 YT holders were nearly subjected to significant losses when faced with the same average holding rules just around the corner. As a CeDeFi project, it is largely a black box. Users have no choice but to trust the figures disclosed by the Ethena team. No one really knows how much profit and staking income Ethena has generated from the $2.60 billion user fund, or whether all income streams are directed to SUSDe holders. While establishing strong trust with users is crucial for protocols like Ethena, the team’s past performance has been contrary to this principle.

The Ethena team faces a crisis of integrity, as they use 180 million ENA to earn Sats, intending to dilute rewards.