ENA gains 10% as Ethena proposes revenue-funded token buybacks

Ethena’s ENA token rose 10% after the Ethena Foundation proposed a plan to use protocol revenue for token buybacks. Under the proposal, the foundation would seek to purchase ENA held by major early investors, while a proposed fee switch would direct 95% of net protocol revenue toward buying ENA in the market. The measures were put to a vote, according to Cointelegraph. The proposal links future buyback activity to the revenue generated by the protocol and would create a mechanism for deploying most of that net revenue into ENA purchases. The reported market move followed the disclosure of both the early-investor token purchase proposal and the planned fee allocation. The vote’s outcome was not provided in the source material.