Protocol Economics
February 2026
Legal disclaimer and general notes
This report is provided for informational purposes only, and does not constitute financial, investment, legal, regulatory, or tax advice. The author(s) and ENS cannot guarantee the accuracy of data and information contained in the report, which is provided strictly on a best efforts basis. References to assets are made for informational purposes, and are not a recommendation, offer to sell, or solicitation of an offer to buy any asset. Content, data, or assessments provided in this report are subject to change without notice.
This report include certain forward looking statements; such statements face a high degree of uncertainty and are not a guarantee or promise of future performance or events. Author(s) and the ENS are materially relying on waiver of liability as a condition of providing this report. By accessing the content herein, readers agree to indemnify and hold harmless author(s) and ENS against any and all claims.
This presentation is provided as is and is still a work in progress and shouldn’t be relied on for anything.
M2M means mark-to-market the reevaluation due to a price change of an asset or liability.
All prices are taken at end of day, this can lead to some discrepancies and inflating the Swap P&L (as trade record doesn’t occur at the same price as the trade itself).
Most data are sourced from Dune Analytics.
EXECUTIVE SUMMARY
Revenues < Cash Burn
76 months runway
(-$16.4m) in February largely due to ETH M2M
Endowment recurring revenues covering 5% of cash burn
Revenues and Cash
vs $1.2M last month
vs $1.3M last year
vs $0.7M last month
vs $0.8M last year
0.44x cash burn
Cash burn and reserves
vs $1.15M last month
vs $1.09M last year
vs $117M last month
vs $143M last year
of which:�- 58.7M ETH
- 40.9M USDC
Normalized burn is a weighted average over the last twelve month with a weight of 12 for the current month decreasing to 1 twelves month ago. Cash burn doesn’t include ENS token given.
Endowment
$40.1M Stablecoins invested
$46.0M ETH invested
of which:
- ($13.9m) from ETH M2M
- $68k from Invest P&L (2)
(2) Count token yield farming rewards when claimed and converted to base currency
Balance sheet
Income statement
Long term financials
Income statement doesn’t show Short Name Claims but they are accounted for in the aggregate.�Other expenses for 2021/2022 are ENS airdrop.
Token Balance by Wallet and Currency
Appendix
Balance sheet (without $ENS token expenses)
Income statement (without $ENS token expenses)
Long term financials (without $ENS token expenses)
Income statement doesn’t show Short Name Claims but they are accounted for in the aggregate.�Other expenses for 2021/2022 are ENS airdrop.
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