The Ethena Foundation proposes changes tied to the ENA token, including shifting protocol fees and buying back ENA tokens from major early investors. Cointelegraph reports that ENA rises about 10% as the proposal gains attention, with the foundation seeking a vote on revenue-funded buybacks.
According to The Block, the foundation lays out four updates beyond buybacks. These include buying locked ENA tokens and ending future monthly investor unlocks. Cointelegraph adds that the proposal includes a fee switch designed to direct 95% of net protocol revenue into ENA buybacks. The outlets differ mainly in emphasis: Cointelegraph focuses on the proposed revenue-to-buyback mechanism and the immediate market reaction, while The Block highlights the broader package of governance and token distribution changes.
