Ethena puts revenue buybacks up for governance votes, planning to use up to 95% of protocol revenue to repurchase ENA—a remarkably high ratio. After the news, ENA surged by about 10% within the day. The design of routing cash flow back directly into the token is more likely to be sustainable than a one-time boost, but the strength of the buybacks ultimately depends on the actual scale of revenue. Short-term momentum is on the stronger side, so chasing at high levels isn’t great in terms of value. Tag $ENA to monitor the chart. $ENA #ENA #crypto