Cut supply and grow revenue! Starting in October, both the supply side and revenue side of $ENA have seen significant changes.
The latest round of mechanism adjustments by Ethena @Ethena Labs is noteworthy because it addresses both investor unlocks and value returning to the token.
👉 Supply side: Monthly unlocks for original investors end
The remaining investor tokens, originally scheduled for monthly releases, will unlock all at once on October 5, 2026.
At the same time, the Foundation used OTC transactions to buy back some of the unvested tokens held by early major investors who had previously sold ENA.
👉 Revenue side: Protocol growth brings value back to ENA
The ENA Fee Switch has passed governance. Its first activation threshold is a 14-day average USDe supply of $7.5 billion.
Once this threshold is met, 95% of the net revenue from related businesses paid to the Ethena Foundation will be used to buy back ENA.
The reserve disclosure on October 23 showed that USDe supply was about $4.631 billion, still short of the first activation threshold. Let’s wait for good things to happen!
The latest round of mechanism adjustments by Ethena @Ethena Labs is noteworthy because it addresses both investor unlocks and value returning to the token.
👉 Supply side: Monthly unlocks for original investors end
The remaining investor tokens, originally scheduled for monthly releases, will unlock all at once on October 5, 2026.
At the same time, the Foundation used OTC transactions to buy back some of the unvested tokens held by early major investors who had previously sold ENA.
👉 Revenue side: Protocol growth brings value back to ENA
The ENA Fee Switch has passed governance. Its first activation threshold is a 14-day average USDe supply of $7.5 billion.
Once this threshold is met, 95% of the net revenue from related businesses paid to the Ethena Foundation will be used to buy back ENA.
The reserve disclosure on October 23 showed that USDe supply was about $4.631 billion, still short of the first activation threshold. Let’s wait for good things to happen!
