Ethena governance vote paves way for ENA buybacks as protocol eyes growth

Ethena has generated $1.04 billion in cumulative revenue since launch, yet ENA holders have not received direct distributions. A governance vote on September 2 passed a fee switch that will trigger 95% of revenue to be used for buying ENA on the open market once the 14-day average of USDe supply exceeds $7.5 billion. Currently at $4.75 billion, the protocol expects to reach this threshold within three to six months, driven by equity perpetual futures, recovering crypto funding rates, and expanded distribution channels including TRON integration and CEX collateral support.