đš Ethenaâs ENA Fee Switch Is Approvedâbut Buybacks Havenât Started Yet
Ethenaâs ENA fee-switch proposal passed governance. Once the first threshold is met, 95% of net revenue from Ethenaâs business lines is set to go toward ENA buybacks, with 5% reserved for growth.
The catch: Buybacks are conditional on USDe supply. The first trigger is a 14-day average USDe supply above $7.5 billion; recent reporting puts supply around $5 billion, so the mechanism has not activated.
The takeaway: The framework is approved, but actual buybacks depend on USDe supply growthânot just the vote passing.
$ENA
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#Ethena #crypto
Not financial advice. DYOR.
Ethenaâs ENA fee-switch proposal passed governance. Once the first threshold is met, 95% of net revenue from Ethenaâs business lines is set to go toward ENA buybacks, with 5% reserved for growth.
The catch: Buybacks are conditional on USDe supply. The first trigger is a 14-day average USDe supply above $7.5 billion; recent reporting puts supply around $5 billion, so the mechanism has not activated.
The takeaway: The framework is approved, but actual buybacks depend on USDe supply growthânot just the vote passing.
$ENA
.
.
.
#Ethena #crypto
Not financial advice. DYOR.