ENA Token Surges as Ethena Foundation Bails Out Early Investors

Ethena's ENA token surged 23% in a day and has doubled in price over the past week, trading at around $0.16, $0.17.

The Ethena Foundation bought out locked tokens from early seed investors who had sold ENA over the past nine months, addressing concerns about monthly investor unlocks adding sell pressure to ENA.

A governance vote is live to use protocol revenue to buy back ENA tokens, with 95% of net revenue going toward token purchases once USDe reaches $7.5 billion in circulation.

USDe surpassed $320 million on Robinhood Chain within eight weeks of launch and now accounts for 42% of the chain's stablecoin supply.