$ENA Jumps as Ethena Plans Major Token Buybacks
$ENA is up around 20% after Ethena announced major changes to its token model.
The Ethena Foundation bought locked ENA from several early investors who had sold tokens over the past nine months. This removes part of the future selling pressure from those investors.
Ethena also proposed using 95% of the net revenue received from its businesses to buy back ENA once USDe reaches the required supply level.
The revenue comes from products such as USDe savings, stablecoins and other Ethena services.
#Macro Insights#
$ENA is up around 20% after Ethena announced major changes to its token model.
The Ethena Foundation bought locked ENA from several early investors who had sold tokens over the past nine months. This removes part of the future selling pressure from those investors.
Ethena also proposed using 95% of the net revenue received from its businesses to buy back ENA once USDe reaches the required supply level.
The revenue comes from products such as USDe savings, stablecoins and other Ethena services.
#Macro Insights#
