While scrolling the timeline and seeing people still arguing about AI and privacy coins, I shifted my attention back to a tougher line: $ENA .
This week, the most worth watching isn’t the day-to-day price movement, but $USDe. Supply has climbed from around 4.1 billion to about 4.3–4.4 billion. That’s an increase of roughly 200–300 million in a week. It’s still some distance from the Fee Switch first tier of 7.5 billion, but the direction is crystal clear. Governance there has already passed 100%: in protocol net revenue, the biggest portion will be programmed back into repurchases of $ENA according to milestone procedures. The switch isn’t just a slogan—it’s an automated buy order tied to the scale of USDe. Until the size is reached, the repurchase just waits; once the scale arrives, bids come to the table.
The supply side is getting cleaned up too. The foundation has collected the early VC tranche that loved to dump, and the remaining unlocks are squeezed into a single push around October 1. The monthly drip-sell pressure has been cut down significantly. On top of that, accumulated protocol fees have already rolled into the $1 billion scale. This is no longer a “stablecoin shell that just tells stories,” but a “synthetic dollar scale → revenue → buyback” closed loop being built.
The order book is roughly hovering around 0.16. On my end, I’d rather wait for a pullback to 0.148–0.155 before adding; if it breaks below 0.138 and does so with volume, I’ll step back first rather than stubbornly fighting through the noise before October unlocks. Above, I’m looking at 0.185–0.20 first—once it holds steady, then target 0.22–0.25. Don’t dump full position size all at once. Keep a close eye on whether USDe’s weekly increase and the repurchase milestones are moving closer. If the “flow” starts shrinking, reduce leverage first.
This week, the most worth watching isn’t the day-to-day price movement, but $USDe. Supply has climbed from around 4.1 billion to about 4.3–4.4 billion. That’s an increase of roughly 200–300 million in a week. It’s still some distance from the Fee Switch first tier of 7.5 billion, but the direction is crystal clear. Governance there has already passed 100%: in protocol net revenue, the biggest portion will be programmed back into repurchases of $ENA according to milestone procedures. The switch isn’t just a slogan—it’s an automated buy order tied to the scale of USDe. Until the size is reached, the repurchase just waits; once the scale arrives, bids come to the table.
The supply side is getting cleaned up too. The foundation has collected the early VC tranche that loved to dump, and the remaining unlocks are squeezed into a single push around October 1. The monthly drip-sell pressure has been cut down significantly. On top of that, accumulated protocol fees have already rolled into the $1 billion scale. This is no longer a “stablecoin shell that just tells stories,” but a “synthetic dollar scale → revenue → buyback” closed loop being built.
The order book is roughly hovering around 0.16. On my end, I’d rather wait for a pullback to 0.148–0.155 before adding; if it breaks below 0.138 and does so with volume, I’ll step back first rather than stubbornly fighting through the noise before October unlocks. Above, I’m looking at 0.185–0.20 first—once it holds steady, then target 0.22–0.25. Don’t dump full position size all at once. Keep a close eye on whether USDe’s weekly increase and the repurchase milestones are moving closer. If the “flow” starts shrinking, reduce leverage first.
