Ethena Foundation's Governance Proposal Sparks ENA Price Surge

The Ethena Foundation has announced that its governance proposal to use protocol revenues for ENA token buybacks was approved with 100% support. This decision is a continuation of broader changes made by the Foundation on August 27, which aimed at aligning the token's economics with company equity.

As per the new plan, programmatic ENA buybacks will be launched, with the foundation stating that it will gradually expand the program as specified performance metrics and milestones are met. This means that a portion of the revenue generated by the Ethena protocol will be used to purchase ENA directly from the market.

The price of ENA has risen by approximately 15 percent in the last 24 hours, reaching $0.172. The token currently ranks 45th in market capitalization.