Ethena Announces Tokenomics Overhaul, ENA Surges 23%

The Ethena Foundation has unveiled a major tokenomics reform, triggering a 23% price increase for ENA to $0.17 within 24 hours. Key changes include the cancellation of monthly venture capital unlock schedules and a proposal to use protocol revenue for ENA buybacks. ENA holders are currently voting on a fee switch mechanism that would allocate 95% of net revenue from Ethena-branded products to purchase ENA once USDe circulation hits $7.5 billion. Additionally, Ethena Labs and the Foundation reached an agreement to transfer most intellectual property and econ