ENA vs UNI
Ethena and Uniswap scored on the same 25 variables, ranked against the same 251 tokens, with every gap between them shown.
Scoring pass 18 Sept 2026. Market snapshot 7 Oct 2026.
What separates them
ENA scores 120 of 250 and ranks 68th of 251. UNI scores 167 and ranks 9th. UNI leads by 47 points, which is a wide enough margin that the framework is not ambivalent. ENA takes 3 of the 25 variables, UNI takes 20, and 2 are level.
The framework rates ENA CAUTIOUS HOLD and UNI HOLD. Two tokens close enough to compare do not have to land in the same band, and where they do not, the divergence table below is where the split comes from.
5 variables separate them by 3 points or more. UNI is clear on Vesting Schedule (9 against 2), Regulatory Safety (9 against 3) and Supply Inflation (7 against 3).
UNI still has 37.5% of its eventual supply to enter circulation against 10.6% for ENA. On the same market capitalisation, a buyer of UNI is taking the 1.6x dilution path and a buyer of ENA the 1.12x one.
UNI is valued at $4.91B against $3.06B for ENA, a 1.6x difference. The larger of the two also scores higher, so the market and the framework agree on the ordering here.
All 25 variables, head to head
Both tokens were scored by the same framework in the same pass, so the numbers are directly comparable. What a comparison adds over two separate pages is the gap: a 6 against a 6 is a non-event, a 9 against a 3 is the reason to hold one and not the other.
Cash flow
| Protocol Revenue | 6 | 4 | ENA +2 | |
| Revenue Trend | 4 | 7 | UNI +3 | |
| P/S Multiple | 5 | 3 | ENA +2 | |
| Real Staking Yield | 5 | 3 | ENA +2 |
Supply
| Supply Inflation | 3 | 7 | UNI +4 | |
| Vesting Schedule | 2 | 9 | UNI +7 | |
| Circulating / FDV Ratio | 4 | 8 | UNI +4 | |
| Buyback and Burn | 3 | 7 | UNI +4 |
Ownership
| Smart Money Flows | 7 | 7 | level | |
| Insider Selling | 3 | 4 | UNI +1 | |
| Holder Concentration | 4 | 5 | UNI +1 |
Traction
| TVL Trend | 3 | 6 | UNI +3 | |
| Active Users | 5 | 8 | UNI +3 | |
| Developer Activity | 5 | 8 | UNI +3 | |
| Network Growth | 5 | 8 | UNI +3 |
Position
| Market Share | 7 | 8 | UNI +1 | |
| Competitive Moat | 5 | 7 | UNI +2 | |
| Institutional Adoption | 7 | 8 | UNI +1 | |
| Exchange Depth | 7 | 8 | UNI +1 | |
| Social Mindshare | 6 | 7 | UNI +1 |
Risk
| Regulatory Safety | 3 | 9 | UNI +6 | |
| Catalyst Calendar | 6 | 8 | UNI +2 | |
| BTC Alpha Potential | 4 | 4 | level | |
| Team Execution | 6 | 7 | UNI +1 | |
| Treasury Runway | 5 | 7 | UNI +2 |
Bars read outward from the centre: ENA to the left, UNI to the right. The side that leads a variable is filled. Each score is 1 to 10 against the same definition applied to all 251 rated tokens.
Market and supply
| ENA | UNI | |
|---|---|---|
| Price | $0.2282 | $7.84 |
| Market cap | $3.06B | $4.91B |
| Circulating | 89.4% | 62.5% |
| Dilution to full supply | 1.12x | 1.6x |
| Off all-time high | -85% | -82.5% |
| To recover the high | 6.7x | 5.7x |
| Total value locked | $4.20B | $2.77B |
| Network | Ethereum | Ethereum |
Price, market cap and all-time high from the CoinGecko snapshot fetched 7 Oct 2026. Supply shares are derived from circulating and eventual supply counts, which do not move with price. The 25 scores come from the research pass dated 18 Sept 2026.
Catalyst and risk on each side
ENA · CAUTIOUS HOLD
Grayscale 13.59% allocation, Arthur Hayes $1.97M investment, BlackRock UStb
S&P 1,250% Basel III risk weight, BaFin ban, only 55% circ, -93% from ATH
UNI · HOLD
Bitwise spot UNI ETF (pending SEC), fee switch expansion to 11+ chains, BlackRock BUIDL integration + UNI purchases, Unichain UVN validators, V4 hooks marketplace, SEC safe harbor (5yr), CLARITY Act advancing
P/S 57-73x on actual protocol revenue ($26-61M not $1B), net inflationary +1.43%/yr (20M growth budget > 4.4M burns), $200M+ insider/VC selling in 2025, top 10 holders control 50.81%, Fluid took 55% stablecoin DEX share, aggregators route 50%+ of ETH volume
Common questions
- Is ENA or UNI the better investment?
- On this framework UNI scores higher: 167 against 120 of 250, and it is rated HOLD against CAUTIOUS HOLD. That is a ranking of fundamentals as recorded at the last scoring pass, not a price forecast, and ENA still wins 3 of the 25 individual variables against UNI.
- What is the biggest difference between ENA and UNI?
- Vesting Schedule. ENA scores 2 of 10 there and UNI scores 9, a gap of 7 points on a single variable.
- Which is bigger, ENA or UNI?
- ENA is valued at $3.06B and UNI at $4.91B on the latest market snapshot.
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Research and analysis, not investment advice. A higher score is one framework applied consistently to 251 tokens, not a prediction that one asset will outperform the other.