🚨 Something has changed in the $ENA story. For a long time, the token had a simple problem: Ethena could grow, but ENA holders still had to deal with recurring unlocks and limited direct value capture. Now both sides of that equation are being addressed. The Foundation has completed OTC buyouts of selling seed investors and is removing the recurring monthly VC unlocks. At the same time, the new fee-switch proposal would direct a growing share of protocol revenue toward ENA buybacks as USDe supply reaches higher milestones. That’s important because tokenomics isn’t just about how much supply exists. It’s about whether new supply keeps hitting the market and whether there is a recurring source of demand to absorb it. And Ethena isn’t exactly a small protocol anymore. TVL is around $4.5B, while cumulative protocol fees have passed $1B. The market is already paying attention. ENA traded over $1B in daily volume on August 21 and August 22, after moving from roughly $0.117 to above $0.16 in just two days. That’s where the trading side gets interesting for me. ENA is now among the more actively traded markets on Bitget, so there’s a real market to watch alongside the fundamental story. Instead of looking at the chart in isolation, I’d be watching whether this volume continues while the new tokenomics narrative gets priced in. My bigger thesis is simple: If Ethena keeps growing USDe while reducing recurring sell pressure and eventually uses protocol revenue to buy ENA, the market may start valuing ENA differently from how it valued it during the unlock-heavy phase. The question is whether that repricing has already started—or whether traders are still underestimating the change. #Macro Insights#