Ethena’s ENA token jumped 23% after the foundation unveiled changes aimed at reducing selling pressure and boosting demand. ENA reached $0.17, more than doubling in just over a week.
The plan would end monthly token unlocks for venture capital investors and potentially use protocol revenue to buy ENA. The foundation also bought remaining locked tokens from seed investors who sold ENA over the past nine months.
Ethena Targets Token Selling
Ethena plans to accelerate the release of tokens held by original investors, while team tokens will keep their existing vesting schedules.
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ENA holders are also voting on a fee switch tied to growth in USDe, Ethena’s dollar-pegged stablecoin. If USDe circulation reaches $7.5 billion, 95% of net revenue from Ethena-branded businesses would fund ENA purchases. The remaining 5% would support growth.
USDe Seeks Fresh Growth
USDe supply is now below $5 billion, down from almost $15 billion in October. Ethena has continued adding institutional partners as it works to grow the stablecoin.
FalconX provided Ethena with a $1 billion facility for institutional loans. Janus Henderson has invested in ENA and looked at ways to distribute USDe. Coinbase launched a savings product tied to Ethena, while BlackRock added USDe to its Aladdin platform.
Ethena’s foundation also plans to set out who owns the protocol’s intellectual property and how its economic value is divided.
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Source: https://coinedition.com/ethenas-ena-jumps-23-as-foundation-moves-to-stem-token/
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