Ethena is overhauling its tokenomics to reduce VC selling pressure and start buybacks.
This is a direct attempt to change the supply/demand balance: less ENA hitting the market from unlocks, more being bought up by the protocol's own revenue. The tape shows the reaction, up 18.4% on $137M volume.
The desk's read is that this is a more structural change than simple narrative, but it's pushing the RSI to 70. Is this the start of a real re-rating, or just better exit liquidity for early investors?
$ENA
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This is a direct attempt to change the supply/demand balance: less ENA hitting the market from unlocks, more being bought up by the protocol's own revenue. The tape shows the reaction, up 18.4% on $137M volume.
The desk's read is that this is a more structural change than simple narrative, but it's pushing the RSI to 70. Is this the start of a real re-rating, or just better exit liquidity for early investors?
$ENA
We post through the day, every day. Follow if this is useful.
