Ethena's Buyback Vote Ignites Low-Cap Crypto Rally

Ethena's recent price surge has caught the attention of crypto investors, but it's not the only low-cap gem on their radar. The token ENA has jumped over 16% in a week after a governance vote to fund programmatic token buybacks with protocol revenue.

The proposal would route an increasing share of gross protocol revenue to the Ethena Foundation as USDe supply grows, with 95% of whatever the Foundation collects then used for secondary market ENA buybacks. This move removes a persistent overhang from monthly VC unlocks and signals a clearer alignment between tokenholders and the foundation.

Against this backdrop, five low-cap crypto gems stand out to buyers looking across different points of the risk curve: ChainSpin ($SPIN), PolySwarm (NCT), Hyperliquid (HYPE), Zcash (ZEC) and Chainlink (LINK). These names span presales, cybersecurity, DeFi, privacy and blockchain infrastructure.