Ethena Just Rewrote Its Token Economics. The Fee Switch Passed Unanimously. Here Is The Honest Picture. 🎯
Three things happened at Ethena between August 27 and September 4.
The Foundation bought out its largest seed investors — the ones selling ENA every month. Those monthly investor unlocks are cancelled permanently. One final batch releases October 5. After that the recurring sell pressure from investors is gone.
The fee switch governance vote passed unanimously September 4. Zero votes against. 95% of net protocol revenue will go directly to buying ENA from the open market automatically.
Here is the honest catch nobody is saying clearly.
The buyback does not start yet. It activates when USDe supply reaches $7.5 billion. USDe currently sits at $4.1 billion. Supply needs to grow 82% before the first dollar of buyback is spent.
The investor unlock pressure is removed immediately. The buyback is real but conditional on future growth.
Both things are true at the same time.
Click $ENA below and check the live price right now.
$ENA
#Ethena #Write2Earn
---
Not financial advice. DYOR.
Three things happened at Ethena between August 27 and September 4.
The Foundation bought out its largest seed investors — the ones selling ENA every month. Those monthly investor unlocks are cancelled permanently. One final batch releases October 5. After that the recurring sell pressure from investors is gone.
The fee switch governance vote passed unanimously September 4. Zero votes against. 95% of net protocol revenue will go directly to buying ENA from the open market automatically.
Here is the honest catch nobody is saying clearly.
The buyback does not start yet. It activates when USDe supply reaches $7.5 billion. USDe currently sits at $4.1 billion. Supply needs to grow 82% before the first dollar of buyback is spent.
The investor unlock pressure is removed immediately. The buyback is real but conditional on future growth.
Both things are true at the same time.
Click $ENA below and check the live price right now.
$ENA
#Ethena #Write2Earn
---
Not financial advice. DYOR.
