$ENA is up nearly 100% over the past month, and the structural story behind it is more interesting than the price chart. ENA is trading near $0.164, up over 19% today. Here's what's driving it, cos the mechanism matters more than the move. The Ethena Foundation bought out locked ENA from seed investors who'd sold within the past nine months, removing recurring sell pressure. Monthly VC unlocks are now cancelled entirely. Then there's the buyback vote. A governance proposal would direct 95% of net revenue into programmatic ENA purchases, scaling as USDe supply crosses $7.5B, $10B, and $15B milestones. USDe sits near $4.6B today, so the switch isn't live yet, but it's now formally voted on. I use Bitget's market data tools to track governance shifts like this before sizing in, cos a price move without the mechanism behind it is just noise. This mirrors $UNI fee-switch repricing, where tying protocol revenue directly to token scarcity moved the market. Same pattern here. With the FalconX $1B credit facility adding institutional demand, ENA is worth studying properly on Bitget. NFA. DYOR.