Ethena’s New Fee Switch to Trigger ENA Buybacks Based on USDe Supply Tiers

The shift from direct fee distribution to supply-tiered buybacks signals a deliberate move to anchor token value accrual to protocol scale rather than short-term revenue swings. This affects ENA holders by changing the reward mechanism's predictability, tying it to USDe's adoption curve. The key watchpoint is whether the thresholds are set at levels that make buybacks a realistic near-term catalyst or a distant milestone, and how the market prices the deferred nature of the mechanism.