ENA Fee Switch Vote Targets 95% of Net Revenue for Buybacks
Combined with buying out early sellers and ending monthly investor unlocks, the proposal compresses ENA's supply overhang and gives holders a direct claim on USDe revenue.
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Combined with buying out early sellers and ending monthly investor unlocks, the proposal compresses ENA's supply overhang and gives holders a direct claim on USDe revenue.
The pivot widens Ethena's collateral universe from $2.5T of crypto to $120T of equities, but the test is whether USDe can rebuild to the $7.5B threshold for ENA buybacks before the new trade gets…
Killing the VC unlock schedule and routing 95% of net protocol revenue to ENA buybacks targets the two structural overhangs, but the buyback only fires once USDe regrows past $7.5 billion.
With $250M+ in ENA concentrated in one Nasdaq-listed vehicle, StablecoinX is the cleanest public-market bet on Ethena's USDe ecosystem and a template for future DeFi treasury companies.
A $480B TradFi shop investing in a DeFi governance token and mulling a yield-bearing stablecoin for treasury cash is the kind of signal that moves the sector's legitimacy needle, not just one…
Janus Henderson, the $370 billion global asset manager, has taken a position in ENA — the governance token of Ethena…
The investment is a footnote; the partnership is the real signal — a synthetic-dollar distribution channel into 100M+ Coinbase users starting next week.
Ethena has selected Anchorage Digital as its custody partner for offchain collateral, marking a significant step in the…
Coinbase has taken a direct stake in Ethena through an open market purchase of ENA tokens, simultaneously announcing a…
The aggregate is meaningful, but the real risk sits in Undeads, PlaysOut and KITE AI, where 19-21% of market cap is set to hit the market in a single cliff.