Ethena’s ENA Jumps 23% as Foundation Moves to Stem Token Selling

Ethena Foundation proposed automated ENA buybacks, funded by 95% of net revenue, if USDe supply reaches $7.5 billion. Current supply is $4-4.6 billion. The plan, part of a restructuring effort, includes OTC buyouts of locked ENA from seed investors and consolidation of upcoming token unlocks. ENA surged 16-23% intraday. The buyback mechanism depends on USDe growth and revenue from its underlying positions.

Ethena's ENA token rose over 20% after the project announced a buyout of locked tokens from seed investors and proposed a buyback plan. The plan could allocate 95% of net revenue to ENA repurchases once USDe reaches a supply milestone. The circulating supply of ENA increased to 88% of its total supply, with the remaining 12% locked.

ENA, Ethena's token, surged 23% in a day, breaking key resistance levels. The Ethena Foundation bought out locked tokens from selling investors, ending future VC unlock overhang. A fee switch vote could direct 95% of net revenue to ENA buybacks once USDe hits $7.5B. ENA is trading at $0.16991, above its 200-day EMA for the first time since earlier this year.

Ethena proposes changes to ENA tokenomics, including buybacks using 95% of net revenue once USDe circulation reaches $7.5B, ending monthly VC unlocks, and clarifying economic value distribution. ENA price surged 23% post-announcement, reflecting market optimism.

Ethena proposes allocating 95% of net revenue to ENA buybacks once USDe supply hits $7.5 billion. The plan aims to address token supply issues and link protocol revenue to ENA demand. ENA price rose 23% following the announcement. Ethena also plans to end monthly investor unlocks and separate protocol economics from Ethena Labs equity.

Ethena's ENA token surged 23% after the Ethena Foundation announced changes to reduce selling pressure and boost token demand. The foundation bought locked tokens from early investors and ended monthly VC unlocks. ENA holders are voting on a fee switch to direct 95% of net protocol revenue to token buybacks. The token's price has doubled in over a week, reaching $0.17.