Ethena Seeks Approval for Revenue-Funded Buybacks

The Ethena Foundation announced updates to its governance and treasury policies aimed at changing how the protocol's revenue is handled.

A key proposal would direct 95% of net revenue toward buying ENA, the native token, once the circulating supply of USDe reaches $7.5 billion in milestone.

The foundation completed a buyout of locked ENA held by certain early investors and agreed to adjust remaining investor unlock timing to Oct. 5.