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ENA ENA repurchase proposal: Linked to USDe supply growth and requires governance approval
The proposed ENA repurchase plan requires governance approval and is linked to USDe supply growth. The remaining investor tokens will be unlocked on October 5, replacing the original monthly release plan and will not involve destruction. The foundation's net income will be used for buybacks, with 5% set aside for growth funds. ENA's current trading price is approximately US$0.17, an intraday increase of approximately 24.6%, accompanied by the release of ENA's repurchase proposal. The Erena Foundation's August 27 update also covered investor token sales and agreement ownership issues.
This plan integrates completed investor buybacks, proposed earnings adjustments, and accelerated unlock schedules. The new fee switching mechanism will be subject to governance approvals and USDe supply milestones.
ENA repurchase proposal: earnings are linked to USDe supply growth
When USDe supply reaches the first milestone, 95% of the foundation's net income will be used for ENA repurchase, with the remaining 5% used to support growth. The distribution only relates to income paid to the foundation, not the entire total income generated by the agreement. Businesses covered include USDe savings, white-label stablecoins and the upcoming Ethena [X] product. According to the foundation, the Snapshot vote will be conducted after approval by the Risk Committee.
The ENA repurchase proposal is part of an agreement in principle between Ethena Labs and the foundation. The framework will basically transfer or exclusively license all significant intellectual property rights in the agreement to the foundation and ecosystem, and the economic benefits of the agreement will also be attributed to the foundation rather than to the equity holders of Labs. Ethena said the terms formalize arrangements that have been in place since the foundation began operations. The two sides are expected to announce the agreement in October.
ENA repurchase depends on USDe growth and revenue caps
Analyst doxe pointed out that the proposed fee switching mechanism would allocate 5% of total revenue for repurchase when USDe supply reaches US$7.5 billion. The median share is: 10% for US$10 billion, 15% for US$15 billion, and 20% for US$20 billion. When supply exceeds US$25 billion, the share will rise to 25%.
From net income, the foundation will use 95% for ENA repurchases and 5% for growth. Businesses covered include USDe savings, white-label stablecoins and the upcoming Ethena [X] product. Doxe said this diversion of funds would reduce savers incentives and partner incentives. Doxe estimates that current USDe supply is US$4.05 billion, which means an increase of about 85% before activation. According to the analysis, the proposed mechanism has only been operational for 118 days in the past 705 historical days. The annualized estimate for the mechanism during its active period was US$52.7 million, while the annual average for the entire period was US$8.82 million. These numbers are model outputs and are not current actual purchases.
Investor repurchase: Monthly unlocking ends after release in October
The foundation has purchased lock-in tokens from some seed investors through over-the-counter transactions in the past two weeks. The target target is investors whose initial allocation exceeds 0.25% of total supply, and investors who sell after October 10, 2025 are distinguished. One seller's wallet refused the repurchase. No unsold investors accepted the offer to sell the locked coins at the original purchase price.
Ethena did not disclose the number of tokens purchased, the cost or the identity of the investors. Unlike the proposed ENA repurchase, these private transactions have already been completed. The remaining original investor tokens will be unlocked uniformly on October 5, replacing monthly releases. This accelerates the attribution process rather than destroying tokens. The team ownership plan remains unchanged. After release, approximately 12% of the supply will remain unattributed, distributed among team, ecosystem and foundation allocations. StablecoinX, which holds approximately 20% of its supply, will maintain its independent lockdown program.
