The $ENA vote passing and ENA buybacks starting are two different events.
Bottom line: the plan sends 95% of net revenue to buy ENA, but only after a USDe supply trigger is met. At today's supply, that trigger is far away.
How it works
Buybacks start only after the 14-day average USDe supply passes $7.5B.
Numbers
USDe supply now: about $4.04B
Peak: near $15B in Oct 2025, so supply is about 73% below it (my arithmetic)
Trigger: $7.5B, which is about +85% from here (my arithmetic). The sources I read put the needed growth at roughly 50% to 85%.
A Risk Committee advisor said the schedule takes nothing at today's supply.
What I don't like
Revenue sent to buybacks is revenue not paid to sUSDe holders. That yield is what attracts deposits. This suggests the buyback could work against the growth it needs.
I'm also not sure about the exact tiers, because the sources disagree.
What I'm watching
The 14-day average USDe supply. Stronger if it climbs toward the trigger. Weaker if it stays flat or falls.
Can anyone share the tier table from the official proposal?
$ENA
Not financial advice.
#ENA #ethena #USDe
Bottom line: the plan sends 95% of net revenue to buy ENA, but only after a USDe supply trigger is met. At today's supply, that trigger is far away.
How it works
Buybacks start only after the 14-day average USDe supply passes $7.5B.
Numbers
USDe supply now: about $4.04B
Peak: near $15B in Oct 2025, so supply is about 73% below it (my arithmetic)
Trigger: $7.5B, which is about +85% from here (my arithmetic). The sources I read put the needed growth at roughly 50% to 85%.
A Risk Committee advisor said the schedule takes nothing at today's supply.
What I don't like
Revenue sent to buybacks is revenue not paid to sUSDe holders. That yield is what attracts deposits. This suggests the buyback could work against the growth it needs.
I'm also not sure about the exact tiers, because the sources disagree.
What I'm watching
The 14-day average USDe supply. Stronger if it climbs toward the trigger. Weaker if it stays flat or falls.
Can anyone share the tier table from the official proposal?
$ENA
Not financial advice.
#ENA #ethena #USDe
