🚨 Ethena ($ENA ) just dropped a pretty interesting update — and honestly, there’s more to this than a simple token buyback.
I had to read this one twice because the structure of the move is what caught my attention.
Ethena says it has bought back locked $ENA from certain early investors who sold their ENA over the past 9 months.
But the bigger part, in my view, is what happens next.
The protocol’s value and IP will now sit exclusively with the Foundation, with governance staying in the hands of $ENA holders. More importantly, Ethena Labs’ equity investors won’t have residual cash flow rights from the protocol.
And then there’s the fee switch 👀
A proposal is now live that could direct net revenue generated across Ethena’s businesses into programmatic ENA buybacks.
That changes the conversation quite a bit.
Instead of only asking, “How much revenue is Ethena making?”
The more interesting question becomes:
How much of that revenue can actually make its way back to ENA?
There’s another piece I don’t want to overlook either.
The future monthly VC unlock overhang is being removed, while team tokens remain locked under their existing vesting schedules.
So this isn’t just one announcement. It looks more like Ethena is trying to reshape the relationship between protocol revenue, token holders, investors, and future token supply.
I’m especially curious to see how the fee switch proposal plays out.
Because if protocol revenue starts translating into consistent programmatic buybacks, $ENA’s value-accrual story could look very different from what the market has been pricing in.
Definitely one of those updates I’d keep an eye on rather than just scrolling past. 👀
#ENA #ethena
I had to read this one twice because the structure of the move is what caught my attention.
Ethena says it has bought back locked $ENA from certain early investors who sold their ENA over the past 9 months.
But the bigger part, in my view, is what happens next.
The protocol’s value and IP will now sit exclusively with the Foundation, with governance staying in the hands of $ENA holders. More importantly, Ethena Labs’ equity investors won’t have residual cash flow rights from the protocol.
And then there’s the fee switch 👀
A proposal is now live that could direct net revenue generated across Ethena’s businesses into programmatic ENA buybacks.
That changes the conversation quite a bit.
Instead of only asking, “How much revenue is Ethena making?”
The more interesting question becomes:
How much of that revenue can actually make its way back to ENA?
There’s another piece I don’t want to overlook either.
The future monthly VC unlock overhang is being removed, while team tokens remain locked under their existing vesting schedules.
So this isn’t just one announcement. It looks more like Ethena is trying to reshape the relationship between protocol revenue, token holders, investors, and future token supply.
I’m especially curious to see how the fee switch proposal plays out.
Because if protocol revenue starts translating into consistent programmatic buybacks, $ENA’s value-accrual story could look very different from what the market has been pricing in.
Definitely one of those updates I’d keep an eye on rather than just scrolling past. 👀
#ENA #ethena
