Ethena Foundation to End Monthly Investor Unlocks, Buy Back ENA with 95% Net Income

This proposal marks a notable shift in ENA's supply dynamics, potentially reducing sell pressure from scheduled unlocks and redirecting protocol earnings into market support. The conditionality on a USDe milestone suggests the foundation is prioritizing stability before altering tokenomics, which could be a signal of confidence in growth. For ENA holders, the alignment of buybacks with net income ties token value more directly to protocol performance, but the 5% retained income leaves room for operational costs. The key question is whether this structure can sustain buyback scale relative to unlock volumes, and how the community votes on the proposal.