Ethena $ENA just locked in some serious upgrades with 100% of net protocol revenue now going toward programmatic ENA buybacks, plus the OTC seed investor buyouts and end of monthly VC unlocks really cleaning up the supply side. Backed by that $1B FalconX facility and holding steady around $4B TVL, while sitting as a top-5 pair on Bitget, the setup looks pretty strong to me right now. I’m bullish on the combination of real revenue flow and tighter float—curious to see how ENA trades from here. $BTC

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