$ENA stablecoin protocol Ethena has introduced a fee switch. The market has priced in a buyback expectation based on a nearly 30-day rally of about 96.6%, but the buyback has not yet started.
If the vote passes, USDe will need a 14-day average supply of $7.5 billion to enter the first tier. Currently it is about $4.07 billion. Over the last 90 days, supply has fallen by 9.6%, and protocol revenue is down by roughly 88.5% versus the previous 90 days.
The official 705-day backtest, converted to a full-cycle basis, implies an annualized buyback of about $8.82 million—only about 0.56% of the current market value. The path becomes verifiable, but the methodology for and revenue still do not meet the activation conditions, so it is set to observe rather than activate with fixed accumulation.
Going forward, we’ll only check whether supply can keep sustaining above the first tier, and whether a transparent dashboard shows an auditable buyback. If in the next 90 days supply falls below $3.5 billion and revenue continues to shrink, the current assessment that value capture is improving will no longer hold.
#ENA #Ethena #Tokenomics
If the vote passes, USDe will need a 14-day average supply of $7.5 billion to enter the first tier. Currently it is about $4.07 billion. Over the last 90 days, supply has fallen by 9.6%, and protocol revenue is down by roughly 88.5% versus the previous 90 days.
The official 705-day backtest, converted to a full-cycle basis, implies an annualized buyback of about $8.82 million—only about 0.56% of the current market value. The path becomes verifiable, but the methodology for and revenue still do not meet the activation conditions, so it is set to observe rather than activate with fixed accumulation.
Going forward, we’ll only check whether supply can keep sustaining above the first tier, and whether a transparent dashboard shows an auditable buyback. If in the next 90 days supply falls below $3.5 billion and revenue continues to shrink, the current assessment that value capture is improving will no longer hold.
#ENA #Ethena #Tokenomics
