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A significant governance decision has been made within the Ethena ecosystem that could directly impact the $ENA token. According to a statement from the Ethena Foundation, the “fee conversion” proposal, which envisages using protocol revenues for $ENA buybacks, was approved with 100% support.
Following the decision, it was announced that programmatic $ENA buybacks would be launched. The foundation stated that the buyback program would be gradually expanded as specified performance metrics and milestones are met. Thus, it is planned that a portion of the revenue generated by the Ethena protocol will be used to directly purchase $ENA from the market.
This development also had a positive impact on the $ENA price. According to market data, $ENA rose by approximately 15 percent in the last 24 hours, reaching $0.172. The token ranks 45th in market capitalization.
This latest decision is a continuation of the broader token economic changes announced by the Ethena Foundation on August 27. In that announcement, the Foundation revealed four significant changes, including the buyback of locked tokens held by early investors, increased economic alignment between the $ENA token and company equity, the initiation of a governance process for $ENA buybacks using protocol revenues, and the cancellation of future monthly token unlocks for venture capital investors.
*This is not investment advice.
Source: <a href="https://cryptonews.net/news/altcoins/33394702/” target=”_blank” rel=”nofollow noopener”>cryptonews.net