ENA surges as buyback vote and VC unlock overhaul boost outlook

The Ethena Foundation announced an overhaul of ENA’s token economics. ENA holders are voting on a fee switch that could direct 95% of net protocol revenue to token buybacks. A separate agreement aims to ensure Ethena’s economic upside accrues to its ecosystem rather than Ethena Labs shareholders. The plan removes the monthly venture capital unlock schedule. The plan proposes using protocol revenue to buy ENA. ENA climbed 23% over the past 24 hours to $0.17. ENA has doubled in price in a bit more than a week. The Ethena Foundation bought the remaining locked tokens from certain large seed investors that had sold ENA over the past nine months. The Ethena Foundation will accelerate the remaining original investor unlocks. Team tokens remain subject to their existing vesting schedules. Ethena’s protocol is known for its yield-generating synthetic dollar, USDe.