ENA token rises 10% as Ethena puts revenue-funded token buybacks to vote
Summary
ENA jumped after the Ethena Foundation announced four ecosystem changes, led by a fee-switch proposal that would direct 95% of net revenue from core business lines into ENA buybacks once USDe supply reaches $7.5 billion. Voting is open until Sept. 2, with early Snapshot votes strongly in favor. The foundation also completed a buyout of locked ENA from some early seed investors, then agreed with lead investors to accelerate the remaining unvested investor unlocks to Oct. 5, replacing the prior monthly schedule. Team token vesting remains unchanged. ENA rose 10.7% in 24 hours and 27% over the week to above $0.17. Ethena’s USDe is now the sixth-largest stablecoin, with about $4 billion in market value.
