Ethena's proposed fee switch, which redirects part of the protocol's revenue to buy back ENA tokens, will only activate once the circulating supply of its synthetic dollar USDe reaches $7.5 billion. Currently, USDe supply stands at about $4.07 billion, meaning buybacks are delayed until the supply grows by roughly 84%. The fee switch involves a four-tier levy on gross revenue, increasing with USDe supply, to fund buybacks, but no buybacks will occur before the threshold is met. The vote on this mechanism is ongoing until September 2, 2026, but the actual buyback depends on future growth and additional operational proposals still pending. This change ties ENA token value more directly to protocol volume but does not guarantee immediate price support or buybacks.
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