#ENASurgesOver15%InADay $ENA ‌ENA's New Era: Radical Change in the Token Economy

Ethena's native token, ENA, has recently attracted attention with a surge exceeding 100%. Behind this movement lies four significant changes implemented by the Ethena Foundation in its token economy.

Foundation Purchases Early Investors

The Foundation purchased locked tokens from certain large seed investors. These investors held more than 0.25% of the total supply and had been selling ENA for the past nine months. Except for one wallet that did not accept the deal, these investors have no unearned tokens left to sell on the market in the future. The purchases were made through over-the-counter deals over the previous two weeks.

Monthly VC Token Releases End

As a result of an agreement with leading investors, the Foundation has ended its monthly venture capital token releases. All remaining investor tokens will be released in a single transaction on October 5, 2026, eliminating the monthly schedule. Team tokens will remain tied to their original vesting schedules. Following these changes, approximately 12% of the team, ecosystem, and foundation shares will remain locked and unveiled.

Protocol Revenue and ENA Buyback Proposal

The foundation has launched a governance proposal called the "fee key." The proposal envisions using net revenue from Ethena's three core business lines for ENA buybacks when certain USDe circulation thresholds are reached. Once USDe circulation reaches the initial threshold of $7.5 billion, 95% of net revenue will be allocated to programmatic ENA buybacks, with the remaining 5% directed to growth. The buyback scale will automatically increase as USDe circulation grows. ENA holders are currently voting on this proposal.

Transfer of Intellectual Property and Economic Value to Token Holders

Through a framework agreement signed between Ethereum Labs and the Foundation, the majority of the protocol's intellectual property and economic benefits will belong to the Foundation and the ecosystem, namely ENA token holders. Ethereum Labs' equity investors will not receive a share of the protocol's revenue or future cash flows under this new structure. The agreement is expected to be officially released in October 2026.

USDe Grows on Robinhood Chain

Alongside these changes in the token economy, Ethereum's synthetic dollar, USDe, has experienced significant growth on Robinhood Chain. Just eight weeks after its launch, USDe has surpassed $320 million on the network, representing approximately 42% of the network's total stablecoin supply.

Technical Outlook

ENA is trading at $0.167, having gained over 11% in the last 24 hours. Short-term resistance is found at $0.19. Sustained price movement above this level could push the price towards $0.20 and then $0.22. Support levels to watch are $0.17 and $0.15.

DYOR 🔎 NFA ✔️