#ENASurgesOver15%InADay

Is Ethena Building the Strongest Comeback Story in DeFi?

ENA has suddenly become one of the most closely watched tokens in the crypto market. After surging more than 15% in 24 hours and recording an even stronger move of around 23% during Thursday's trading, Ethena’s native token is showing that the market is beginning to price in a major transformation of its economic model.

At the latest levels, ENA was trading around $0.18855, with intraday highs near $0.18994. More importantly, this rally is not being driven by price speculation alone. Behind the move are four major structural changes announced by the Ethena Foundation on August 27—changes designed to reduce selling pressure, improve token value accrual, and strengthen the connection between ENA and the future growth of the Ethena ecosystem.

The first major development involves early investors. The Foundation bought back locked ENA tokens from certain major seed investors who had been selling during the past nine months. These over-the-counter transactions were completed over the previous two weeks. Investors who had not sold their tokens were also offered the opportunity to sell their locked holdings at their original purchase price, but none accepted.

This is important because one of ENA's biggest problems had been the constant fear of future investor selling.

The second change directly attacks that issue. Future monthly VC investor unlocks are being eliminated. Instead, remaining original investor tokens are expected to be released at once beginning October 5. Team tokens will continue following their original vesting schedules, leaving roughly 12% of ENA's supply locked and unvested after the restructuring, primarily connected to the team, ecosystem, and Foundation.

The third pillar could have the biggest long-term impact. A governance proposal would direct 95% of net revenue from Ethena-branded businesses toward programmatic ENA buybacks once USDe circulation reaches $7.5 billion. The remaining 5% would support growth. Early voting has shown unanimous support from votes cast so far, with the voting deadline set for September 2.

This could create a powerful economic flywheel.

More USDe adoption could generate more protocol revenue. More revenue could fund larger ENA purchases. Those buybacks could reduce market supply and strengthen token demand. A stronger ENA ecosystem could then attract more attention and potentially support further adoption of USDe.

The fourth structural change focuses on ownership of the protocol's economics. Under an agreement in principle, substantially all material intellectual property and economic upside from Ethena would belong to the Foundation and broader ecosystem rather than remaining primarily with Ethena Labs equity holders. For ENA holders, this creates much clearer alignment between protocol growth and ecosystem value.

The market reaction has been immediate. ENA has roughly doubled from around $0.08 in mid-August to nearly $0.19, while trading volume has climbed to approximately $864 million. Among the top 100 cryptocurrencies, ENA has emerged as one of the strongest performers.

USDe adoption is also expanding rapidly. USDe has reportedly surpassed $320 million on Robinhood Chain within only eight weeks, accounting for around 42% of the network's stablecoin supply.

However, risks remain. The buyback mechanism will not activate until USDe reaches $7.5 billion in circulation, compared with roughly $4 billion currently. A major holder outside the recent deal remains, and ENA is still down more than 90% from its historical high of $1.52.

From a technical perspective, support near $0.162 will be important. If ENA holds that level, another attempt toward $0.19 could follow. A breakdown could expose $0.14 or even $0.135.

Ethena may have just removed one of ENA's biggest bearish narratives: continuous unlock-driven selling pressure. Now the next major question is whether USDe can grow fast enough to activate the revenue-funded buyback engine.

If that happens, ENA's recent rally may be more than a temporary spike—it could be the beginning of a completely new chapter for Ethena.

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