Lying around near $0.08 ten days ago, today it already touched $0.189—ENA has surged 130% this round, but this isn’t a typical altcoin rebound.
On August 27, the Ethena Foundation rolled out four changes. The core is that it personally defused the ticking time bomb of “VC unlocking on a monthly basis” that has been hanging over everyone’s heads for two years.
The foundation has bought out a portion of the seed-round investors’ still-unlocked tokens—investors who sold coins over the past nine months.
Even more drastic: all future VC monthly unlocks will be canceled, and the remaining investors’ tokens will be released all at once on October 5.
The governance proposal also plans to use 95% of the protocol’s net revenue to buy back ENA. It will start when the USDe supply reaches $7.5 billion, and then the percentage will increase as the scale grows.
But the USDe supply has already fallen from $15 billion to below $5 billion—still a way off from the $7.5 billion trigger. That one-time release on October 5 is also a weight of sell-pressure.
So is this rally driven by expectations, or can it truly flip the fee switch and get it running? We’ll find out on October 5.
On August 27, the Ethena Foundation rolled out four changes. The core is that it personally defused the ticking time bomb of “VC unlocking on a monthly basis” that has been hanging over everyone’s heads for two years.
The foundation has bought out a portion of the seed-round investors’ still-unlocked tokens—investors who sold coins over the past nine months.
Even more drastic: all future VC monthly unlocks will be canceled, and the remaining investors’ tokens will be released all at once on October 5.
The governance proposal also plans to use 95% of the protocol’s net revenue to buy back ENA. It will start when the USDe supply reaches $7.5 billion, and then the percentage will increase as the scale grows.
But the USDe supply has already fallen from $15 billion to below $5 billion—still a way off from the $7.5 billion trigger. That one-time release on October 5 is also a weight of sell-pressure.
So is this rally driven by expectations, or can it truly flip the fee switch and get it running? We’ll find out on October 5.