ENA Surges as Ethena Foundation Announces Revenue-Funded Buybacks and Locked Token Purchase

The Ethena Foundation announced several changes to its protocol, including a proposal for revenue-funded token buybacks and a completed purchase of locked ENA tokens from early investors.

The native token of the synthetic dollar protocol, ENA, rose by over 10% in the past 24 hours after the announcement. This gain comes after a week-long increase of nearly 27%. As of Friday morning at 8:11 am UTC, ENA was trading above $0.17.

The foundation has opened a vote on a fee-switch proposal that would direct 95% of net revenue from Ethena's core business lines towards buying back ENA once the circulating supply of USDe reaches its first proposed milestone of $7.5 billion. Tokenholders have until September 2 to cast their votes.