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Is ENA Safe?

On-chain security analysis — is it a scam or legit?

ENA ENA
0x5853…0133
Base
Not verifiedThis record has not gone through deep verification and is not being monitored. The score is a dated snapshot — the token’s risk can change at any time.
Last checked today 1 audit on record
DexScreener ↗
How is this score calculated? → Medium Risk
Executive SummaryAI Copilot

The ENAOFT contract is an Omnichain Fungible Token (OFT) designed for cross-chain transfers, built on the ERC-20 standard. The contract's ownership is retained and controlled by a Timelock, which provides a delay for administrative actions. A key finding identifies that a specific 'endpoint' address has the capability to mint new tokens, which could lead to supply inflation if compromised. The contract is not upgradeable, meaning its logic is immutable post-deployment.

2 Medium4 Informational
Volume 24h
$67.3K
Liquidity
$56.5K
Price
$0.2605
Token Age
1y
Top 10 Holders
83.6%

Security Findings

2 Med4 Info
Medium

Special Address Can Create New Tokens

CP-01The ENAOFT token contract has a special address, referred to as the 'endpoint', that has the power to create new ENAOFT tokens. This can happen through functions like `send`, `lzReceiveSimulate`, and `lzReceive`. When new tokens are created, the total supply of ENAOFT increases, which can reduce the value of tokens held by existing holders.
IssueThe ENAOFT token contract has a special address, referred to as the 'endpoint', that has the power to create new ENAOFT tokens. This can happen through functions like `send`, `lzReceiveSimulate`, and `lzReceive`. When new tokens are created, the total supply of ENAOFT increases, which can reduce the value of tokens held by existing holders.
FixIt is crucial to understand who controls this 'endpoint' address and what security measures are in place to protect it. The project team should ensure that the 'endpoint' address is highly secure, possibly controlled by a multi-signature wallet or a robust governance mechanism, to prevent any unauthorized creation of tokens.
StatusUnresolved
Medium

Liquidity not locked

QA-LIQUIDITY0.0% of the pool's LP is burned or time-locked. 100.0% is held, unlocked, by 1 address(es) other than the owner/deployer. One of them — a contract, 0xfcaf…245e — holds 100.0% and can remove that share at once; who controls it is not visible on-chain, so it is not treated as an independent provider. Some pools are concentrated-liquidity (V3/V4) positions; shares above are by position as GoPlus reports them.
Issue0.0% of the pool's LP is burned or time-locked. 100.0% is held, unlocked, by 1 address(es) other than the owner/deployer. One of them — a contract, 0xfcaf…245e — holds 100.0% and can remove that share at once; who controls it is not visible on-chain, so it is not treated as an independent provider. Some pools are concentrated-liquidity (V3/V4) positions; shares above are by position as GoPlus reports them.
FixCheck the lock's end date and beneficiary on the locker's own page before relying on it.
StatusAcknowledged
Info

Who holds the supply

QA-HOLDERSThe ten largest holders own 83.6% of supply. What remains: 2.6% in wallets, 80.9% in other contracts. 4,738 holders in total.
IssueThe ten largest holders own 83.6% of supply. What remains: 2.6% in wallets, 80.9% in other contracts. 4,738 holders in total.
FixWatch the largest wallets that are not exchanges, pools or locks — those are the ones that can move the price.
StatusAcknowledged
Info

Identity verified by independent sources

QA-IDENTITYListed on CoinGecko as Ethena (ENA), market cap $2.7B, rank #41. 4,738 holders. Verified by: CoinGecko.
IssueListed on CoinGecko as Ethena (ENA), market cap $2.7B, rank #41. 4,738 holders. Verified by: CoinGecko.
FixMatch the contract address against the project's official channels before trading.
StatusAcknowledged
Info

The market for this token

QA-MARKETLiquidity $59K (DexScreener, all pools). 24h trading volume $790.1M (CoinGecko, all markets, daily snapshot). 24h trading volume $68K (DexScreener, all pools).
IssueLiquidity $59K (DexScreener, all pools). 24h trading volume $790.1M (CoinGecko, all markets, daily snapshot). 24h trading volume $68K (DexScreener, all pools).
FixSize any position to the liquidity and daily volume shown — they set how much you can sell and at what price.
StatusAcknowledged
Info

Asset class: Governance token

QA-PROFILEA token whose main use is voting on a protocol's decisions (delegation and vote checkpoints in its code). The class itself adds no points; the contract and market facts decide the score. Basis: CoinGecko category: Governance. Tokenomics — Supply: mintable with no on-chain cap found. Control: a timelock with a 24h delay. Code: not upgradeable (no proxy). Fees: no buy or sell tax. Market: $59K of DEX liquidity across 11 pools. Launch: 403 days of market history.
IssueA token whose main use is voting on a protocol's decisions (delegation and vote checkpoints in its code). The class itself adds no points; the contract and market facts decide the score. Basis: CoinGecko category: Governance. Tokenomics — Supply: mintable with no on-chain cap found. Control: a timelock with a 24h delay. Code: not upgradeable (no proxy). Fees: no buy or sell tax. Market: $59K of DEX liquidity across 11 pools. Launch: 403 days of market history.
FixCheck how much of the voting supply insiders hold and what governance can change.
StatusAcknowledged

Category Ratings

TechnicalLow8/10

The ENAOFT contract implements the ERC-20 standard with additional LayerZero OFT (Omnichain Fungible Token) capabilities, allowing for cross-chain token transfers. It includes a `RateLimiter` to manage transfer rates, enhancing operational stability. A key technical finding is that specific functions (`send`, `lzReceiveSimulate`, `lzReceive`) allow for the minting of new tokens, which directly increases the total supply. These minting functions are restricted to an `endpoint` address, making the security of this address critical to prevent unauthorized supply inflation (7.2 Code Security, 7.1 Architecture).

GovernanceHigh1/10

The contract uses a Timelock for its owner, which enhances security for owner-controlled functions like `transferOwnership` and `setRateLimiter` by introducing a delay for changes. However, the critical token minting functions (`send`, `lzReceiveSimulate`, `lzReceive`) are controlled by an `endpoint` address, not directly by the Timelock owner. The security of this `endpoint` address is paramount, as its compromise could lead to unauthorized token minting and dilution of existing holders (7.4 Economic, 7.3 Access Control).

UpgradesMedium4/10

The ENAOFT contract is not deployed as an upgradeable proxy. This means its logic cannot be modified or updated after deployment. While this eliminates upgrade-related risks such as proxy misconfigurations or malicious upgrade implementations, it also means that any discovered vulnerabilities or desired feature enhancements would require a new contract deployment and a token migration process (7.7 Upgrades).

Security Checklist

2/5 checks passed
Contract VerifiedPass
Ownership RenouncedFail
No Mint FunctionFail
Liquidity LockedFail
Not a ProxyPass
HoneypotNoneBuy Tax0.0%Sell Tax0.0%

Holder Composition

83.6% in top 10
2.6% in wallets80.9% in contracts
Effective Concentration35.0%

Share held by contracts — treasury, vesting, bridge or staking — is discounted against share held by wallets when the score is computed: a contract cannot decide to sell the way an anonymous holder can, though it can still be drained or voted to sell. Effective concentration is the figure the risk score is actually calculated from.

Liquidity Depth

$58.9K across 11 pairs
AerodromeWETHanalysed$56.5K95.9%AerodromeUSDC$9451.6%Uniswap v4USDC$7471.3%0x829c…4aEEWETH$4610.8%AerodromeAERO$1210.2%Uniswap v4ETH$590.1%
Show 3 more pairsShow less
0x1bc3…70E7WETH$490.1%Uniswap v3WETH$280.0%Uniswap v4LBTC$20.0%

The risk score reads depth across every pair. The volume figure and the volume-to-liquidity ratio elsewhere on this page describe only the pair this audit analysed, so the two are not directly comparable.

LP Distribution

Top-1 Unlocked Holder100.0%
Top-3 Unlocked100.0%

Key Addresses

3 addresses
Deployer
0x0d97…4b66
Unlocked LP Held By
0xfcaf…245e0x0e23…8029

What Raised This Score

3 factors
  • Mintable supply — no cap found, dilution unbounded; held by endpoint: Other-Contract
  • Liquidity NOT locked (100% of the pool; this pool is 96% of DEX liquidity) — who holds it cannot be verified
  • Top-10 concentration > 30% (83.6% total → 35.0% effective; 2.6% in EOAs, 80.9% in contracts)

Each factor is an on-chain fact recorded at the time of this analysis. The score is computed from them by a deterministic function, so the same contract returns the same score for anyone who runs the audit. How scores are computed

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