According to @secondswap_io, traders have the potential to buy locked ENA tokens onchain at a discount, as early investors and core contributors of Ethena Labs are subject to a 12-month cliff and a 3-year linear vesting period. This means billions of dollars in ENA remain locked, potentially creating secondary market opportunities for discounted acquisitions. For DeFi traders, these vesting dynamics can impact ENA token liquidity, price discovery, and trading volumes, especially if mechanisms for trading locked tokens emerge. Source: @secondswap_io.