TREE NEWS reports: Ethena has generated $1.04 billion in cumulative revenue since launch, including $284 million over the past 12 months, but ENA holders have received none of it. A September 2 governance vote passed a fee switch that will route 95% of revenue to open-market ENA buybacks once USDe’s 14-day average supply tops $7.5 billion. USDe currently sits at $4.75 billion, 58% below the threshold.
Ethena Has Earned $1.04B but ENA Holders Get Nothing Until USDe Hits $7.5B
AI take
The gap between Ethena's revenue engine and tokenholder payout is the real story: a profitable protocol has hard-coded its fee switch to a supply milestone rather than earnings, so ENA's value accrual is effectively a bet on USDe distribution growth. That reframes the token as a claim on future stablecoin adoption, not current cash flow. Whether USDe can close the 58% gap — and how quickly — is the open question, since the buyback stays dormant until then.
Generated by AI for reference only.
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