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August 28, 2026 2:50 am
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Ethena’s proposal to introduce a revenue-based buyback mechanism has so far received 100% support after the project unveiled four major ecosystem overhaul measures, including buying locked tokens held by early investors, unifying its token and equity structure, and canceling monthly VC unlocks. Voting ends on Sept. 2. If approved, 95% of net revenue from each Ethena business unit will be used to buy ENA tokens once the first target is met, with USDe supply rising from the current $4.06 billion to $7.5 billion.