- ENA surged 23% after Ethena removed monthly investor unlocks and reduced potential selling pressure.
- A proposed fee switch could direct 95% of net revenue toward ENA token buybacks.
- USDe surpassed $320 million on Robinhood Chain, strengthening Ethena’s broader adoption story.
Ethena — ENA, surged 23% after a major tokenomics announcement. The move arrived during a broader crypto market rally. Bitcoin also pushed above the $80,000 level during Thursday’s session. ENA traded near $0.16 to $0.17 at press time. The token has now doubled within slightly more than one week. Investors are watching the latest changes closely. The Foundation wants to reduce selling pressure and strengthen long-term token demand.
Ethena Removes a Major Source of Selling Pressure
The Ethena Foundation announced a major change to ENA’s token economics. The Foundation bought locked tokens from several large seed investors. Those investors had sold ENA during the previous nine months. The purchases covered investors holding above 0.25% of total supply. The Foundation completed these transactions through over-the-counter deals. The move directly addresses concerns around monthly investor unlocks. Scheduled unlocks can increase the number of tokens reaching exchanges.
That supply can create additional selling pressure during weak market conditions. Removing those unlocks could give ENA a cleaner supply structure. Team tokens will remain locked under existing vesting arrangements. The Foundation also wants token holders to gain more value from protocol revenue. A new governance proposal introduces a potential fee switch. Under the plan, Ethena businesses would direct net revenue toward ENA buybacks.
The program would scale as USDe reaches specific circulating supply targets. USDe reaching $7.5 billion could trigger a major allocation. The proposal would direct 95% of net revenue toward ENA purchases. The remaining 5% would support growth initiatives. Such a model could create consistent buying demand for ENA. Governance approval remains necessary before the proposed mechanism takes effect.
USDe Expansion Adds Another Catalyst
Ethena also reached a Master Framework Agreement in principle. The agreement could shift more economic value toward the Foundation. Token holders would also gain stronger claims over protocol value. The Foundation expects to publish the agreement in October. Meanwhile, USDe continues gaining traction on Robinhood Chain.
Analyst Mesh linked the growth to infrastructure choices and collateral design. Steakhouse Financial selected Ethena as the primary collateral issuer. USDe has surpassed $320 million on Robinhood Chain within eight weeks. The stablecoin now represents roughly 42% of the chain’s supply. Liquidity also flowed heavily into the USDe/USDG Morpho market.
These developments could strengthen the case for broader USDe adoption. Despite the rally, ENA remains down more than 15% year-to-date. The CME also recently added Ethena to single-asset crypto benchmarks. Investors will now watch whether new token policies support further gains. Stronger USDe growth could provide another important demand driver.
