Ethena’s native token (ENA) surged more than 10% after the Ethena Foundation unveiled four ecosystem changes, headlined by a governance vote on a fee-switch proposal that would redirect 95% o
Ethena’s native token (ENA) surged more than 10% after the Ethena Foundation unveiled four ecosystem changes, headlined by a governance vote on a fee-switch proposal that would redirect 95% of net protocol revenue toward buying ENA on the open market.
The Ethena Foundation opened voting on the fee-switch proposal on Thursday, outlining that 95% of net revenue flowing to the foundation from Ethena’s core business lines would be deployed to purchase ENA once the circulating supply of USDe hits the first milestone of $7.5 billion. At press time, 65 votes representing approximately 14.4 million ENA in voting power had been cast, all in favour of the proposal, according to Snapshot. Tokenholders have until September 2 to submit their votes.
