🚨 Ethena Unlocks 275M ENA Today—But Its Buyback Is Still Dormant
Ethena’s scheduled release of 275 million ENA, roughly $57 million at recent prices, goes live today, November 1. That is about 2% of circulating supply, so the unlock can add short-term selling pressure if recipients sell.
The catch: Ethena’s approved fee switch directs 95% of qualifying net protocol revenue to open-market ENA buybacks, but it activates only once USDe supply reaches $7.5 billion. USDe was around $4.66–$5 billion in late October, leaving roughly a 50% gap before the first buyback.
Ethena also faces a separate supply shock: the wallet linked to the Binance exploit sold 217.5 million ENA for about $33.9 million, while USDe held near its dollar peg.
The takeaway: ENA’s bullish case depends on USDe growth, not just protocol expansion. Until the $7.5 billion threshold is reached, there is no automatic protocol-funded buyer behind the token.
$ENA
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#Ethena #crypto
Not financial advice. DYOR.
Ethena’s scheduled release of 275 million ENA, roughly $57 million at recent prices, goes live today, November 1. That is about 2% of circulating supply, so the unlock can add short-term selling pressure if recipients sell.
The catch: Ethena’s approved fee switch directs 95% of qualifying net protocol revenue to open-market ENA buybacks, but it activates only once USDe supply reaches $7.5 billion. USDe was around $4.66–$5 billion in late October, leaving roughly a 50% gap before the first buyback.
Ethena also faces a separate supply shock: the wallet linked to the Binance exploit sold 217.5 million ENA for about $33.9 million, while USDe held near its dollar peg.
The takeaway: ENA’s bullish case depends on USDe growth, not just protocol expansion. Until the $7.5 billion threshold is reached, there is no automatic protocol-funded buyer behind the token.
$ENA
.
.
.
#Ethena #crypto
Not financial advice. DYOR.
