ENA token rises 10% as Ethena puts revenue-funded token buybacks to vote
The Ethena Foundation proposed buying the token supply held by major early investors and revealed a fee switch to turn 95% of net protocol revenue into ENA buybacks.
The Ethena Foundation has proposed a series of changes to its ecosystem, including the implementation of revenue-funded token buybacks. These changes were unveiled in a blog post and led to a surge in Ethena's native token, ENA, which rose by 10.7% over the past week and is now trading above $0.17. The proposal, which would use 95% of Ethena's net revenue to purchase ENA tokens once USDe's circulating supply reaches $7.5 billion, has received overwhelming support from tokenholders, with 65 votes out of 65 cast favoring the plan.
The foundation has also begun buying back locked ENA tokens from early investors, and will release the remaining unvested investor allocations on October 5, accelerating their release rather than canceling them. This move comes as Ethena's synthetic dollar (USDE) ranks among the top six stablecoins by market capitalization.
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