Ethena governance approved a conditional framework to buy back its ENA tokens using protocol revenue, linked to the growth of the USDe stablecoin supply. The buyback program will start only when USDe supply reaches $7.5 billion, initially allocating 5% of protocol revenue to buybacks, increasing up to 20% as USDe supply grows to $20 billion. Currently, USDe supply is below the threshold, so no revenue is redirected yet. This approach ties token incentives to ecosystem growth and ensures buybacks scale with USDe adoption.
Ethena Governance's ENA buyback plan is the subject, with Pluang market data providing context. For readers following major cryptocurrencies, 40 of 50 rose and 9 fell today. Notable moves include BAL at Rp16.297 (+11.14%), ENJ at Rp546 (+9.16%) with 91% buy orders, and GRT at Rp504 (+8.94%) with 97% sell orders, as of Sep 26, 2026 15:01 WIB.
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