Ethena Foundation said on Sept. 3 that its fee switch vote has passed with 100% support, clearing the way for programmatic buybacks of ENA to begin. The foundation said the scale of those buybacks will increase over time as metrics and milestones are met. Market data from HTX showed ENA up more than 10.5% over the past 24 hours, trading at $0.166 at the time cited in the report. The update follows a separate announcement from Aug. 27, when the foundation outlined four changes for the Ethena ecosystem. Those measures included buying back locked tokens held by early investors, pushing for closer alignment between token value and equity value, launching a governance proposal to use revenue for ENA buybacks, and canceling future monthly unlocks for VC investors. Together, the two announcements mark the latest governance and token-structure changes disclosed by the foundation.
Ethena Foundation said on Sept. 3 that its fee switch vote has passed with 100% approval, and programmatic ENA buybacks will now begin. The foundation added that the buybacks will be scaled up over time as metrics and milestones are achieved.
Vote clears buyback plan
According to the foundation’s announcement, the fee switch proposal has been approved in full, with all votes cast in favor. Following the result, programmatic buybacks of ENA are set to start, with the size of the purchases increasing gradually as stated targets and milestones are met.
ENA rises on HTX data
HTX market data showed ENA up more than 10.5% over the past 24 hours, with the token quoted at $0.166.
Foundation had outlined four ecosystem changes on Aug. 27
On Aug. 27, Ethena Foundation announced four adjustments for the Ethena ecosystem. They included buying back locked tokens held by early investors, pushing token value and equity value into closer alignment, launching a governance proposal to use revenue for ENA buybacks, and canceling future monthly unlocks for VC investors.
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