The native token of the synthetic dollar protocol Ethena (ENA) registered double-digit gains after the Ethena Foundation unveiled four ecosystem changes, including a proposal for revenue-funded token buybacks and a completed buyout of locked tokens held by some early investors.
The Ethena Foundation opened a vote on a fee-switch proposal under which 95% of the net revenue paid to it from Ethena’s core business lines would be used to purchase ENA once the circulating supply of USDe reaches the first proposed milestone of $7.5 billion, the foundation said in a Thursday blog post.
Tokenholders have until Sept. 2 to cast their votes. At press time, 65 votes representing about 14.4 million ENA in voting power had been cast, all in favor of the fee-switch proposal, according to Snapshot.
The ENA token rose 10.7% over the 24 hours and gained 27% during the past week to trade above $0.17 as of 8:11 am UTC on Friday, according to CoinGecko
