Anh_ba_Cong - COLE

USDC JOINS CHELSEA’S SHIRT: CRYPTO TAKES A PRIME BRANDING SPOT
Circle will become Chelsea FC’s Principal Partner and front-of-shirt sponsor from the 2026/27 season. After three years without a brand in this position, Circle and USDC will appear on the shirts of Chelsea’s men’s team, women’s team and academy.
The logo will make its first appearance when Chelsea face Brighton at Stamford Bridge in the Premier League. The front-of-shirt position is one of the club’s most visible branding spaces.
The company behind the logo is what makes the deal particularly notable. Circle is the issuer of USDC, the second-largest stablecoin by market capitalization. According to the supplied data, USDC currently has a market cap of roughly $73.7 billion, representing 24.3% of the stablecoin market, while USDT leads with around $183 billion and a 60% market share.
Circle and Chelsea said the partnership aims to build a deeper connection between crypto and sport. It is also described as the first time a crypto brand has taken the central shirt position at a Premier League club.
The value and duration of the agreement have not been officially disclosed. Some UK sports sources have reported around £50 million for one year, but this figure has not been officially confirmed by Chelsea or Circle.
One point must be kept completely separate: Chelsea currently does not have a Fan Token. USDC appearing on the shirt is Circle’s brand sponsorship, not a token issued by Chelsea. The USDC logo therefore does not mean that Chelsea has launched its own digital asset.
From a branding perspective, the deal shows crypto entering mainstream spaces traditionally dominated by major consumer brands. For USDC, Chelsea provides exposure in an environment far removed from the usual blockchain and financial markets.
Could stablecoins appearing on major football shirts become a new channel for bringing crypto into mainstream culture?
Please do your own research carefully before making any transactions (DYOR). $USDC $MAGMA $UAI #chelsea

TUSDT: Record-Volume Downtrend Breakout – Strategic Trend-Reversal Long Targeting the $0.010 Milestone

TUSDT is staging a decisive trend-reversal breakout on the 4-hour timeframe, marked by price candles aggressively slicing through its macro descending trendline. This decisive expansion wave also carried price action cleanly above the $0.0050 psychological round-number level, officially concluding a multi-month accumulation phase.

Based on the visual data from the 4-hour chart , the bullish impulse was initiated by a textbook technical reaction as price tapped the dynamic MA100 trendline and rebounded sharply. Most notably, the breakout was confirmed by a massive volume spike, dwarfing the volume generated during the two previous trendline test attempts. This clear footprint confirms that institutional buy-side liquidity has re-entered the market, thoroughly absorbing overhead supply to establish an aggressive upward trajectory.

This technical framework presents a high-edge trend-following Long execution opportunity featuring superior risk-to-reward parameters. The optimal trading strategy is to build Long positions around the current $0.0051–$0.0052 zone, establishing a tight protective stop-loss parameter directly beneath the broken trendline at $0.0045. The strategic take-profit objective targets the primary psychological round-number expansion ceiling at $0.0100.

Disclaimer: This is not financial advice, DYOR. $T $KITE $CHIP

TAO: Retesting Channel Boundary and MA100 Confluence – Strategic Long Execution Targeting $376 Resistance

Bittensor (TAO) is presenting an exceptional technical entry point on the daily timeframe after officially escaping its multi-month descending channel. The confirmation of consecutive daily candle closes above the upper boundary has effectively neutralized previous downward momentum, paving the way for a fresh trend-reversal markup phase.

Based on the visual data from the daily chart , the ongoing technical pullback has brought price candles directly into the retest zone of the broken upper channel line. Crucially, this demand shelf directly converges with the rising dynamic MA100 trendline around the $217 handle. Lower-wick rejections defending this structural cushion confirm that sell-side exhaustion has set in, as responsive buyers step in to absorb available supply. Bolstered by strong broader market tailwinds led by Bitcoin’s sustained strength, this confluence baseline serves as a sturdy launchpad for the next upward leg.

This technical setup provides a high-conviction trend-following Long opportunity with superior risk-to-reward parameters. The optimal trading strategy is to build Long positions within the $216–$217 support cluster, establishing a tight protective stop-loss parameter directly beneath $210.4. The strategic take-profit objective targets the primary overhead resistance ceiling near $376.

Disclaimer: This is not financial advice, DYOR. $TAO #TAO $T $ACE

$638M IN TOKEN BUYBACKS: HYPERLIQUID AND PUMP.FUN ACCOUNT FOR NEARLY 90%
Crypto projects have spent a record roughly $638 million on token buybacks since the start of 2026. Hyperliquid and pump.fun stand out, accounting for nearly 90% of the total, with approximately $370 million and $200 million respectively.
The more interesting detail is how much revenue is being allocated to buybacks. Hyperliquid is currently directing as much as 99% of its revenue toward HYPE buybacks, while pump.fun allocates around 50% of revenue to PUMP.
Price performance has also diverged sharply. Since the start of the year, HYPE is up 145% and PUMP is up 109%, while Bitcoin is down 10% and the broader crypto market has fallen nearly 12%.
Buybacks do not automatically mean prices will rise, but their scale and frequency can create direct demand for a token while the program remains active. Hyperliquid is particularly notable because allocating 99% of revenue shows how closely its revenue distribution mechanism is tied to HYPE.
With $638 million deployed across the sector, the 2026 story is not only about new capital entering crypto, but also about how internal revenue is being redirected to influence token value.
Could revenue-funded token buybacks become a new standard in crypto tokenomics?
Please do your own research carefully before making any transactions (DYOR). $HYPE $PUMP $HEMI #Colecolen #Hyperliquid

CZ: IF YOU WANT A REPLY, GET STRAIGHT TO THE POINT
A recent message from CZ is drawing attention for its blunt approach to communication: skip lengthy greetings and state the purpose immediately.
According to CZ, messages such as “Hello,” “How are you?” or “Can we have a meeting?” without a clear purpose often will not receive a response. For partnership proposals, he also wants concrete information rather than vague introductions.
His preferred formula is simple:
“I am ___. I need ___ or I can provide ___.”
CZ also recommends keeping the first message short. If it requires too much scrolling on a phone screen, it may simply be ignored.
Interestingly, CZ describes himself mainly as a “router” and says contacting him directly is often not the fastest route. Matters such as project presentations, listings or large crypto transactions should go through dedicated channels rather than being handled personally.
The key point is not whether the approach is polite or impolite. In an environment overloaded with information, a message with a clear purpose, enough context and no unnecessary detours can save time for both sides.
Do you think shorter communication is always more effective, or does a little social interaction still matter when building relationships?
Please do your own research carefully before making any transactions (DYOR). $BNB #CZ #Colecolen $MAGMA $UAI

LINK: Testing 8-Month Consolidation Range Highs on Weekly Chart – Strict Confirmation Criteria for Macro Longs Targeting $100
Chainlink (LINK) is approaching a decisive multi-year cyclical inflection point on the weekly timeframe (1W) as price candles attempt to lift above an 8-month horizontal accumulation box. Historically, previous macro bull cycles produced vertical expansion waves strictly following extended liquidity compression periods lasting 13 and 17 months.
Based on the visual data from the weekly chart, the critical question remains whether this initial move represents a genuine trend breakout or an aggressive bull trap. An 8-month consolidation phase is notably shorter than prior structural bases, and price action continues to trade directly beneath the dynamic MA100 trendline. To avoid chasing premature liquidity sweeps, market participants must wait for unambiguous trend confirmation: a weekly expansion candle accompanied by heavy volume, a decisive weekly candle close reclaiming the dynamic MA100 line, or at least 6 consecutive candles sustaining acceptance above the critical $12 mark.
The optimal strategy is to exercise disciplined patience. Once these structural criteria are fully satisfied, confirming legitimate expansion momentum, high-conviction macro Long positions can be established to capture the larger cycle markup targeting the $100 psychological round-number milestone.
Disclaimer: This is not financial advice, DYOR. $LINK $UAI $ACE #LINK

CHARLES SCHWAB BRINGS SOL, AVAX AND LINK CLOSER TO U.S. INVESTORS
Charles Schwab will add Solana (SOL), Avalanche (AVAX) and Chainlink (LINK) to Schwab Crypto in the coming months, expanding its digital asset lineup beyond Bitcoin and Ethereum.
The move matters because Charles Schwab is not a crypto-native platform. As of July 31, 2026, the financial giant managed approximately $13.04 trillion in client assets and served 39.9 million brokerage accounts in the U.S.
Schwab Crypto launched in May 2026, initially supporting direct BTC and ETH trading across Schwab.com, Schwab Mobile and thinkorswim. Adding SOL, AVAX and LINK further expands access to digital assets within a traditional financial ecosystem.
Charles Schwab said it will prioritize digital assets that are established and in high market demand, while more assets are expected to be added later without a specific list being disclosed.
The company currently charges a 0.75% fee per crypto transaction. In Q2 2026, Schwab reported $7.1 billion in net revenue and $2.8 billion in net income.
The bigger story is not simply the addition of three tokens. It is the widening access to traditional capital. When a major financial institution with tens of millions of accounts adds SOL, AVAX and LINK alongside BTC and ETH, the line between crypto markets and traditional finance becomes increasingly blurred.
Could broader crypto access through major financial institutions become an important driver of digital asset capital flows in the next phase?
Please do your own research carefully before making any transactions (DYOR). $SOL $LINK $AVAX #Colecolen

CORPORATE BITCOIN ACCUMULATION KEEPS ACCELERATING
Strategy has announced the purchase of another 4,603 BTC, worth approximately $370 million, bringing its total Bitcoin holdings to 845,050 BTC.
According to the announcement, Strategy generated around $603 million through MSTR share issuance. Of that amount, $370 million was allocated to BTC, $152 million was used to repurchase STRC preferred shares, and $29 million was added to its cash reserve, bringing total cash to $6.71 billion.
The move shows that Strategy continues its BTC accumulation strategy while managing corporate capital and liquidity. With 845,050 BTC already held, each new purchase further strengthens Strategy’s position among the largest corporate Bitcoin holders.
At the same time, Strive purchased another 1,800 BTC for a total of $143 million, at an average price of $79,431 per BTC, bringing its holdings to 23,156 BTC.
Meanwhile, Metaplanet transferred approximately $237 million worth of Bitcoin to Coinbase Prime. CEO Simon Gerovich said the BTC movements earlier in August were related to a change in custody provider; Metaplanet continues to report holdings of 43,000 BTC.
The notable point is that corporate Bitcoin activity is taking several forms: additional BTC purchases, custody restructuring and broader capital allocation. BTC is increasingly becoming part of corporate treasury and asset-management strategies.
Will corporate Bitcoin accumulation continue expanding as BTC becomes a more visible component of corporate capital strategies?
Please do your own research carefully before making any transactions (DYOR). $BTC $USELESS $JASMY

0G: Stalls at Dynamic MA100 Ceiling on Low Volume – Strategic Short Execution for Fakeout Reversal to $0.10

0G has delivered a sharp vertical rally on the daily timeframe; however, yesterday’s daily candle completely failed to achieve a confirmed close above the dynamic MA100 trendline. Although today's candle continues pushing higher, the noticeable absence of follow-through buying volume confirms that current upward momentum is driven by thin market liquidity rather than sustainable institutional accumulation.

Based on the visual data from the daily chart , historical price action within this macro downtrend reveals two distinct instances where false breakouts (fakeouts) above the dynamic MA100 line were violently rejected by heavy sell-side supply. Current market structure is mirroring that exact behavior as price action tests the confluence of the dynamic MA100 line and the macro descending trendline. Buyer exhaustion at this major resistance ceiling signals that sellers are re-entering to trigger another downward leg.

This technical framework presents a high-edge trend-following Short opportunity featuring superior risk-to-reward parameters. The optimal strategy is to initiate Short positions around the $0.243 handle, establishing a tight protective stop-loss parameter directly above $0.276. The strategic take-profit target aims directly for the $0.100 psychological round-number support baseline.

Disclaimer: This is not financial advice, DYOR. $0G #Colecolen $USELESS $JASMY

POLYGON PATCHES VULNERABILITIES THROUGH AUSTIN AND KYOTO HARD FORKS
Polygon has completed two hard forks, Austin and Kyoto, to address a series of security vulnerabilities in two critical network components: Bor and Heimdall.
According to Polygon, the flaws could cause network congestion or place abnormal loads on validators. The most serious issue was found in Heimdall, where exploitation could potentially overload validators and disrupt the entire network.
The positive point is that Polygon says the vulnerabilities were patched before disclosure, and no successful exploitation has been identified on mainnet.
Using hard forks means this was more than a routine software update. Polygon had to modify the network’s operating rules to deploy the fixes, reducing risks that could directly affect transaction processing and network consensus.
The incident also highlights the importance of Bor and Heimdall within Polygon’s architecture. When a vulnerability exists at a layer connected to validators, its potential impact extends beyond an individual application and can affect the blockchain’s overall ability to operate.
There is currently no evidence that the vulnerabilities were exploited on mainnet. The event is therefore best viewed as proactive security remediation rather than a response to an actual attack.
A blockchain can operate reliably for years, but a single flaw in core infrastructure can create significant systemic risk. For Polygon, Austin and Kyoto matter not because an incident occurred, but because the weaknesses were addressed before they became one.
Should proactive security hard forks like these be viewed mainly as a sign of risk, or as evidence of a maturing blockchain infrastructure?
Please do your own research carefully before making any transactions (DYOR). $POL $MINIMAX $0G

WUSDT: Multi-Signal Technical Breakdown Confirmed – Strategic Trend-Following Short Targeting $0.0050 Floor

WUSDT is flashing strong downward trend-continuation signals on the daily timeframe as all upward recovery attempts by buyers have been thoroughly extinguished. Following a decisive breakdown below its previous ascending support trendline, market structure has officially transitioned into a confirmed macro downtrend under overwhelming sell-side control.

Based on the visual data from the daily chart , the bearish thesis is heavily reinforced by a confluence of negative price action. After losing the critical $0.0100 psychological round-number level, price candles have consistently traded beneath this ceiling across multiple sessions. While minor relief bounces attempted to retest upper resistance, these pushes proved utterly incapable of breaking above the descending dynamic MA100 line. Complete buy-side exhaustion at this dynamic resistance confluence sets the stage for an aggressive secondary drop.

This technical framework presents a high-edge trend-following Short opportunity featuring superior risk-to-reward metrics. The optimal strategy is to execute Short positions around the current $0.0093 handle, establishing a tight protective stop-loss parameter directly above $0.0101. The strategic take-profit objective targets the primary lower support baseline near $0.0050.

Disclaimer: This is not financial advice, DYOR. $W $0G $MINIMAX #Colecolen

SOL: Anchors Firmly Above $100 Psychological Barrier – Strategic Trend-Following Long Targeting $150 Milestone

Solana (SOL) continues to demonstrate powerful upward momentum on the daily timeframe following a decisive breakout through multi-month horizontal resistance, officially securing the critical $100 psychological baseline. This expansion wave has been supported by sustained aggressive buy-side volume, confirming that bulls remain in full command of the market structure to drive the next trend phase.

Based on the visual data from the daily chart , price candles have established a firm multi-session base above the $100 mark without facing any significant sell-side rejection. This tight consolidation pattern proves that overhead supply has been thoroughly absorbed, while the underlying dynamic MA100 trendline continues to provide strong macro support. Supported by prevailing broader market tailwinds, price acceptance above $100 acts as a sturdy springboard to launch an impulsive secondary markup wave.

This technical framework presents a prime trend-continuation Long opportunity featuring superior risk-to-reward parameters. The optimal trading strategy is to initiate Long positions around the current $103 level, establishing a tight protective stop-loss parameter directly beneath the converted support shelf at $95.85. The strategic take-profit target aims directly for the $150 psychological round-number resistance ceiling.

Disclaimer: This is not financial advice, DYOR. $SOL $SKR $HEMI

SUI: Coiling at Lower Baseline of Weekly Expanding Triangle – Macro Accumulation Setup for All-Time Highs

Sui (SUI) is presenting a massive cyclical markup opportunity on the weekly timeframe (1W) as price action concludes a long-term consolidation phase right at the lower floor of a macro expanding triangle. Historical market cycles reveal aggressive parabolic expansion waves following each 22-to-23-week liquidity compression period.

Based on the visual data from the weekly chart , current weekly candles are anchoring firmly above the multi-month historical support baseline near $0.720. The recent upward momentum in Bitcoin has revitalized buy-side volume, showing clear signs of capital re-entry after prolonged sell-side exhaustion. Structurally, maintaining integrity at the lower boundary of this broadening pattern sets the stage for a macro expansion toward fresh all-time highs (ATH) into late 2026, assuming broader market tailwinds persist.

This technical environment offers an exceptional medium-to-long-term position-building Long setup with asymmetric risk-to-reward metrics. The optimal strategy is to accumulate positions within the $0.720–$0.750 demand zone, establishing a protective stop-loss parameter if weekly candles close below the $0.600 structural floor. The measured-move take-profit objective targets the upper triangle boundary near the $12.00 milestone.

Disclaimer: This is not financial advice, DYOR. $SUI $ZORA $OG

XRP: High-Volume Trendline Breakout – Strategic Long Execution at $1.30 Technical Confluence Floor

Ripple (XRP) has flashed a decisive bullish reversal signal on the daily timeframe, executing a powerful breakout above its macro descending trendline. This aggressive expansion wave was accompanied by a massive volume spike, confirming that institutional buy-side demand has stepped in to overwhelm overhead selling pressure and establish a new upward trajectory.

Based on the visual data from the daily chart , following an impulsive rally toward $1.70, price action is completing a routine technical pullback to retest the broken resistance cluster between $1.30 and $1.32. This represents a prime technical confluence where the broken descending trendline aligns cleanly with converted horizontal resistance and the underlying dynamic MA100 line. Lower-wick rejections at this support floor indicate sell-side exhaustion, securing a sturdy launchpad for trend continuation.

This technical framework presents a high-edge trend-following Long execution opportunity featuring superior risk-to-reward metrics. The optimal trading strategy is to initiate Long positions within the $1.30–$1.35 confluence zone, placing a tight protective stop-loss parameter directly beneath $1.25. The primary take-profit objective targets the macro resistance ceiling across the $1.90–$2.00 zone.

Disclaimer: This is not financial advice, DYOR. $XRP $ZORA $HEMI

UAE ROYALTY HOLDS 49% OF WORLD LIBERTY FINANCIAL’S CRYPTO BANK
A development drawing attention in Washington: Sheikh Tahnoon bin Zayed Al Nahyan, a member of Abu Dhabi’s royal family and the UAE’s National Security Adviser, together with investment partners, holds 49% of WLTC Holdings — the company established by World Liberty Financial (WLFI), the DeFi project linked to President Donald Trump’s family, to develop a crypto bank.
A legal entity linked to the Trump family holds roughly 38% of the remaining equity.
The Office of the Comptroller of the Currency (OCC) has granted WLFI preliminary conditional approval to establish a national trust bank. If it completes the remaining reviews, the bank could issue, redeem and custody the USD1 stablecoin, while also providing digital-asset custody services.
USD1 currently has a market capitalization of around $4 billion, with reserves primarily invested in U.S. Treasury securities and cash equivalents, generating roughly $150 million in annual interest income.
The controversy centers on the ownership structure. Sheikh Tahnoon is both a senior UAE government official and a major shareholder in the company behind WLFI’s bank, while Washington is simultaneously negotiating several AI-related agreements with the UAE.
According to the WSJ, G42 — an AI group controlled by Sheikh Tahnoon — had previously received U.S. approval to access American AI chips. That timing has prompted some lawmakers and ethics experts to raise questions about conflicts of interest, foreign ownership and transparency in the licensing process.
Will this ownership structure strengthen USD1’s position, or remain a major source of debate over transparency and potential conflicts of interest?
Please do your own research carefully before making any transactions (DYOR). $BNB $TRUMP $WLFI

The EGLD daily chart on confirms an ascending channel structure with higher highs and higher lows. An extended upper-tail rejection at the $4.00–$4.15 resistance ceiling signals active profit-taking, favoring a corrective pullback toward the lower channel boundary. The optimal approach is to enter a small-sized counter-trend Short near $3.930 with a tight stop-loss parameter above $4.197, targeting the lower channel support floor at $2.720 with an RR exceeding 4:1. DYOR $EGLD $BTC $BNB #Colecolen

ETHENA CLEARS THE PATH AS INVESTOR TOKENS BECOME UNLOCKED FROM OCTOBER
Ethena Foundation has announced a series of changes aimed at reducing supply pressure from ENA tokens held under investor lockups.
According to ChainCatcher, the Foundation has used OTC transactions to acquire part of the locked ENA held by major seed-round investors. Ethena has also reached agreements with major investors to end their remaining token allocation schedules early.
The most important date is October 5. From that point onward, no investor tokens will remain locked.
Team tokens, however, will continue under their original lockup terms and allocation schedules.
From a tokenomics perspective, this significantly changes how the market may view ENA’s future supply. Instead of investor tokens being released according to scheduled unlocks, the entire investor allocation will become unlocked from October.
The Foundation’s decision to acquire part of the tokens through OTC transactions also indicates that Ethena is attempting to address potential supply pressure before the remaining investor allocations fully mature.
However, Ethena has not disclosed exactly how much ENA was acquired or how many tokens had their allocation schedules ended early. The actual impact on circulating supply therefore remains unclear.
The clearest takeaway is that from October 5, ENA will enter a new supply structure: investor tokens will no longer be locked, while team tokens will continue following the existing schedule.
Will this create a more stable tokenomics structure for ENA, or simply shift supply pressure from scheduled unlocks to tokens becoming available for trading?
Please do your own research carefully before making any transactions (DYOR). $ENA $ETH $4

CZ: BITCOIN COULD OVERTAKE GOLD’S MARKET CAP IN THE NEXT BULL CYCLE
Changpeng Zhao (CZ) believes Bitcoin could surpass gold in market capitalization during the next bull cycle, even though BTC’s market cap is currently around 10 times smaller than gold’s.
Speaking at Bitcoin Asia 2026 in Hong Kong on August 27, CZ said the biggest obstacle is not technology but the financial infrastructure built around gold over decades. Governments already have established systems for valuing, storing, trading and holding gold as reserves, meaning any transition toward Bitcoin could take years.
The comments come as both assets are rising strongly. Bitcoin recently broke above $81,000, while gold reached around $4,700 per ounce, a three-month high. US spot Bitcoin ETFs have also attracted roughly $2.5 billion over the latest seven sessions, their strongest inflow period since October 2025.
CZ sees a common driver behind the move: demand for scarce assets amid concerns over US government debt above $40 trillion, fiscal policy and potential fiat currency debasement.
CZ continues to view $1 million Bitcoin as achievable and potentially closer than expected. However, he argues that price is not the ultimate destination. Bitcoin needs to expand its role in payments, retirement reserves and the real economy.
He also proposed that governments build crypto reserves by excluding stablecoins and allocating capital across the five largest crypto assets by market capitalization. Under this framework, BTC could account for roughly 50%, ETH around 10–20%, with the remainder allocated to other large assets.
For Bitcoin to truly overtake gold, the story is therefore not simply about how high BTC can rise, but how deeply it can integrate into the global financial system.
Could Bitcoin surpass gold in market capitalization during the next cycle, or will changing the financial system take longer than CZ expects?
Please do your own research carefully before making any transactions (DYOR). $BTC $XAUT

ZKP: Breaks Out of Multi-Week Base with Heavy Volume – Strategic Long Execution Targeting $0.070 Milestone

ZKP is unleashing an aggressive upward expansion wave on the 4-hour timeframe following consecutive days of strong bullish momentum, officially escaping its prolonged horizontal consolidation base. This decisive breakout pushed price candles cleanly above the dynamic MA100 trendline and established a firm foothold above the critical $0.050 psychological round-number level.

Based on the visual data from the 4-hour chart , after printing an initial impulsive spike toward $0.062, price action produced a routine technical retest of the converted resistance cluster. The inability of sellers to push price back into the range, coupled with steady wick rejections holding above the $0.0525 support cushion, confirms that buy-side absorption remains in total control. The complete drying up of sell-side supply at this polarity flip provides a sturdy launchpad for the next upward leg.

This technical setup presents a high-conviction trend-following Long opportunity with superior risk-to-reward parameters. The optimal trading strategy is to utilize the current $0.0525–$0.0530 support floor as an entry zone, establishing a tight protective stop-loss parameter directly beneath $0.0508. The strategic take-profit objective targets the primary resistance ceiling at $0.0700.

Disclaimer: This is not financial advice, DYOR. $ZKP #Colecolen $4
$GIGGLE

ETHENA REWORKS ENA TOKENOMICS AS FEE SWITCH GOES TO VOTE
Ethena Foundation has announced four major changes to ENA tokenomics as the token gains more than 80% in August.
The Foundation will buy back all remaining locked ENA from seed investors who transferred ENA during the past nine months. From October 2026, all remaining locked VC tokens will also be unlocked early, removing the group’s monthly vesting schedule.
Ethena is also transferring protocol IP ownership and revenue management to the Foundation. In practice, this gives ENA holders a clearer role in governance over protocol cash flows rather than leaving those decisions primarily with Ethena Labs’ equity holders.
The main focus is the fee switch: a portion of net ecosystem revenue would be used to buy back ENA from the market. The proposal is now open for voting, with the vote ending on September 2.
Initially, the mechanism would rely on revenue generated from USDe, with a starting USDe market-cap threshold of $7.5 billion. However, USDe currently has a market cap of around $4 billion, nearly four times below its $14.8 billion peak.
Another key change comes in October, when unlocked ENA is expected to rise to roughly 8% of supply, equivalent to about $122 million based on ENA’s current market capitalization. The Foundation has not disclosed the exact amount of ENA purchased or the precise amount of VC tokens being unlocked early.
The short-term impact is therefore difficult to quantify. The fee switch creates a direct link between protocol revenue and ENA, while the accelerated unlock could simultaneously increase circulating supply.
If approved, the fee switch could become ENA’s most significant tokenomics shift yet, creating a stronger connection between the token and the protocol’s cash flows.
Can the fee switch create enough value to offset the potential supply pressure from the accelerated unlock?
Please do your own research carefully before making any transactions (DYOR). $ENA $BTC