One person says, “I’ll buy.”
Another says nothing. The lock just opened.
That’s where the ENA story stands right now.
On one side, the buyback proposal passed. Protocol revenue will be used to buy ENA from the open market.
Sounds good. But there’s a condition most people skip.
The buyback only starts when USDe supply reaches $7.5B.
On October 7, DefiLlama showed it at about $4.98B.
So the switch exists. It’s just still off.
On the other side, the final investor tranche, about 1.41B ENA, unlocked on October 5. StablecoinX’s lock on roughly 3B ENA ended the same day.
Unlocked doesn’t mean sold.
But the door to selling is no longer shut.
So my question isn’t “is the buyback good or bad?”
It’s: who gets there first? The buyback trigger, or the selling pressure?
I’m watching one thing: whether USDe supply is actually moving toward $7.5B. If it isn’t, the buyback stays on paper.
What’s your guess: how long will it take to reach that number?
$ENA Not financial advice. DYOR.
#ENA #Ethena #USDe