Ethena Proposes Redirecting All Net Revenue to ENA Buybacks

This proposal marks a decisive shift in how Ethena distributes its economic surplus, moving from yield-based accrual to direct token buybacks. If passed, it could concentrate value appreciation into ENA holders, making the token's performance more sensitive to protocol revenue stability. The open question is whether this structure can sustain long-term demand for the token without compromising the protocol's operational flexibility or alienating users who previously benefited from yield distributions. Watch how governance turnout and stakeholder alignment evolve, as the vote's outcome will signal whether such a model gains traction in the broader RWA sector.