> For the complete documentation index, see [llms.txt](https://docs.ethena.fi/llms.txt). Markdown versions of documentation pages are available by appending `.md` to page URLs; this page is available as [Markdown](https://docs.ethena.fi/overview/ena/tokenomics.md). # Tokenomics ## Vesting Schedule
## Allocation ***Core Contributors*** This portion of the ENA allocation (30%) represents the distribution to the Ethena Labs team and advisors who have worked on the protocol to bring USDe to market. All core contributors are locked on a 1 year 25% cliff, with 3 year linear monthly vesting thereafter. No core contributor tokens are unlocked prior to the 1yr cliff. ***Investors*** The investor allocation represents token rights obtained by investors backing the Ethena protocol’s development, to bootstrap both the protocol and the Reserve Fund to support Ethena’s launch. All investors are locked on a 1 year 25% cliff, with 3 year linear monthly vesting thereafter. No investor tokens are unlocked prior to the 1yr cliff. ***Foundation*** The Foundation allocation will be used to further initiatives that serve to widen the reach of USDe, reducing crypto’s reliance on traditional banking rails and fiat-backed centralized stablecoins. This ENA will be used to fund further development, risk assessments, audits and much more. ***Ecosystem Development and Airdrops*** 30% of ENA is allocated to developing the Ethena ecosystem, including the Rewards Campaigns, as well as various cross chain initiatives, exchange partnerships and much more. Unlock schedules for Core Contributors and Investors started on ENA TGE at March 5th 2024. --- # Agent Instructions This documentation is published with GitBook. GitBook is the documentation platform designed so that both humans and AI agents can read, navigate, and reason over technical content effectively. Learn more at gitbook.com. ## Querying This Documentation If you need additional information that is not directly available in this page, you can query the documentation dynamically by asking a question. Perform an HTTP GET request on the following URL with the `ask` and `goal` query parameters: ``` GET https://docs.ethena.fi/overview/ena/tokenomics.md?ask=&goal= ``` `ask` is the immediate question: it should be specific, self-contained, and written in natural language. `goal` is what the user is ultimately trying to achieve, the reason they need the answer. Sharing it helps GitBook give you a better, more relevant answer. A goal is most helpful when it describes the outcome the user wants rather than restating the question. For example, with `ask=how do I create an API token`, a goal like `build a script that syncs our docs to a CMS` lets GitBook tailor the answer to that use case. The response will contain a direct answer to the question and relevant excerpts and sources from the documentation. Use this mechanism when the answer is not explicitly present in the current page, you need clarification or additional context, or you want to retrieve related documentation sections.