Ethena surges on buyback vote and VC unlock overhaul

Ethena (ENA) surged as the protocol pushed ahead with a buyback vote and an overhaul of VC token unlocks designed to cut investor selling pressure. The changes aim to channel more protocol revenue into ENA as Ethena works to revive growth in USDe, its synthetic dollar.

• Buyback proposal and unlock restructuring come as ENA has faced persistent sell pressure from early investors.
• Ethena is looking to redirect protocol revenue toward the token to bolster its outlook.

Strong rallies and token-performance headlines have kept Ethena in focus as the broader market prices in reduced supply dynamics.