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Following
ENA Key Points
Proposal for an agreement revenue repurchase mechanism has been released
USDe's adoption of Robinhood Chain accelerates
ENA prices have risen 23% in 24 hours to approximately US$0.16 - 0.17, up 100% in the past week
Erena Foundation repurchases early investors lock-up tokens
The Erena Foundation has repurchased lock-up tokens from early seed investors, These investors have sold ENA in the past nine months. The repurchase is targeted at investors holding more than 0.25% of the total token allocation. All transactions were completed within the past two weeks via over-the-counter arrangements.
This strategic repurchase solves the long-standing problem of monthly investor token unlocking, which has put downward pressure on ENA prices. By eliminating this systematic token release program, the foundation aims to significantly reduce the monthly supply that goes into circulation. The core team token allocation remains unchanged and remains implemented in accordance with the existing ownership arrangement without any modification.
Proposal for a negotiated revenue repurchase mechanism
A new governance proposal is being voted on and plans to implement a "fee switch" mechanism. The proposal proposes to systematically repurchase ENA tokens from the open market using net income generated from all business operations of the Ethena brand.
As USDe's total liquidity reaches the preset threshold, the repurchase program will gradually strengthen. When USDe's circulation reaches US$7.5 billion, the agreement will use 95% of net income for ENA token acquisitions, and the remaining 5% will be reserved for ecological development funds.
In addition, the Ethena Foundation and Ethena Labs have reached a master framework agreement in principle. The agreement will transfer almost all intellectual property and economic value generated by the Ethena Agreement to foundations and token holders, rather than equity holders of the Labs entity. Full details of the agreement are expected to be announced in October.
USDe's adoption accelerates on Robinhood Chain
According to analysts Mesh and Cryptointelligence Platform, USDe's rapid expansion on Robinhood Chain was due to strategic infrastructure decisions and Steakhouse Financial's selection of Ethena as Robinhood Earn's main collateral provider. Data shows that approximately 62%-65% of the funds in Steakhouse USDG vaults have flowed into the USDe/USDG Morpho lending market.
According to Token Terminal data, the total value of USDe has exceeded US$320 million in just eight weeks after Robinhood Chain was launched, and currently accounts for 42% of all stablecoin supply in the network.
Despite this week's strong performance, ENA is still trading more than 15% lower than at the beginning of the year. The Chicago Mercantile Exchange (CME) added Ethena to its single-asset cryptocurrency benchmark index earlier this week.
