Ethena proposes buyback program, ENA jumps 27%

The buyback proposal signals a shift toward tokenholder-friendly capital allocation, a move that could pressure other revenue-generating protocols to follow suit or risk capital rotation. The market's 27% response underscores how sensitive ENA is to supply-side signals, making the vote on token emission cuts the key catalyst to watch. If approved, it would test whether such measures can sustain sentiment beyond the initial pop, or if the rally is purely speculative.