Ethena Ends USDe Growth Incentives, Accelerates Investor Unlock to Oct 5

Ending incentives and pulling forward the entire remaining investor unlock removes two sources of structural supply pressure at once, which is the more consequential signal than the token's sharp move. The incentive wind-down also confirms that paying for USDe adoption has stopped being the growth model, shifting the question to whether organic demand holds without it. What matters next is whether the accelerated unlock is absorbed cleanly or becomes the dominant overhang.