Ethena just dropped a massive tokenomics revamp for $ENA — this is how you actually align incentives.

Here's what changed:

• Buying out locked $ENA from early investors — removing future sell pressure
• Killing monthly VC unlocks — no more scheduled dumps
• Net revenue from ALL business lines now goes into $ENA buybacks — real yield, not promises
• Profits flow to $ENA holders, not VCs or shareholders

This is textbook how to flip a token from farm-and-dump to actual value accrual. Price pumped immediately on the news.

If you're holding $ENA, this is the kind of structural shift that changes the game long-term.