ENA Soars 277% Amid Binance Partnership and Governance Proposal
ENA's price has been on an impressive rally, increasing by 277% from its July low of $0.071 to trade at $0.269 as of now. This surge in value comes amidst a series of positive developments for the token, including a partnership with Binance and a new governance proposal that could direct up to 95% of protocol revenue toward ENA buybacks.
The increase in staked supply suggests holders are choosing to lock tokens rather than sell into the rally, which can support price stability during periods of heightened volatility. Ethena's community is reviewing a major governance proposal that would tie protocol earnings more directly to token holders through buyback programs.
The partnership with Binance extends Ethena's basis trade strategy into equity perpetuals markets, expanding its addressable collateral market from $2.5 trillion in crypto assets to over $150 trillion in real-world assets. This shift opens the door to a substantially larger pool of backing assets for USDe.