$ENA is starting to look more interesting from a tokenomics perspective. What stands out to me isn’t just the recent price move, but the shift toward making ENA benefit directly from Ethena’s growth. The proposed revenue buybacks, combined with the removal of future monthly VC unlocks and the seed investor buyouts, could take some pressure off the supply side. Then there’s the broader picture: the $1B FalconX facility, strong TVL, and continued trading activity on Bitget all give ENA plenty to watch. I’m not saying the upside is guaranteed, but the setup has definitely become harder to ignore. For me, the key question now is whether actual protocol growth can keep up with the market’s expectations. $BTC