Ethena proposes revenue-funded ENA buybacks, token up 10%

This proposal marks a notable shift in how Ethena plans to distribute value, moving from accumulation to direct market participation via buybacks. The 10% token reaction suggests the market views this as a positive signal for tokenholder returns, though the mechanism's sustainability depends on consistent protocol revenue. The vote outcome and whether buybacks create lasting demand rather than one-time price support will be key. For holders of ENA and observers of the broader fee-switch trend in DeFi, this could set a precedent for how other protocols handle early investor stakes.