Ethena Proposes 95% Revenue Allocation for ENA Buybacks Amid Ongoing Token Unlock Uncertainty

Ethena has proposed directing 95% of its net revenue from branded businesses toward ENA buybacks once USDe supply reaches $7.5 billion.

The move aims to address two long-running issues: recurring supply from early investor unlocks and uncertainty over how the protocol's economic value reaches token holders.

The proposal also includes changes to the token's supply schedule, a proposed fee switch that could create recurring market purchases of ENA, and a plan to separate ecosystem economics from Ethena Labs equity.