🚨 $ENA JUST GOT A BUYBACK FRAMEWORK — BUT THERE'S A CATCH 👀
Ethena has approved a fee switch that could turn protocol revenue into open-market $ENA buybacks.
Here's how it works:
🔥 $7.5B USDe supply: 5% revenue allocation
🔥 $10B: 10%
🔥 $15B: 15%
🔥 $20B: 20%
And once the mechanism activates, 95% of the revenue allocated to the Ethena Foundation under this framework goes toward ENA buybacks.
But there's a catch.
USDe supply is still below the $7.5B activation threshold, so the buyback mechanism isn't generating purchases yet.
That means ENA holders have a potential future value-capture mechanism — not immediate buyback demand.
Can Ethena grow USDe enough to turn this promise into sustained buying pressure for $ENA? 👀
$ENA
Ethena has approved a fee switch that could turn protocol revenue into open-market $ENA buybacks.
Here's how it works:
🔥 $7.5B USDe supply: 5% revenue allocation
🔥 $10B: 10%
🔥 $15B: 15%
🔥 $20B: 20%
And once the mechanism activates, 95% of the revenue allocated to the Ethena Foundation under this framework goes toward ENA buybacks.
But there's a catch.
USDe supply is still below the $7.5B activation threshold, so the buyback mechanism isn't generating purchases yet.
That means ENA holders have a potential future value-capture mechanism — not immediate buyback demand.
Can Ethena grow USDe enough to turn this promise into sustained buying pressure for $ENA? 👀
$ENA
