Ethena Announces 95% Buyback Plan With High Supply Trigger
Ethena (ENA)
Editor:
Eugene Serbin
bitcoinethereumnews.com reports that the Ethena Foundation has opened a governance vote to route 95% of net protocol revenue into ENA buybacks once USDe supply reaches specific milestones. The proposal also includes ending future monthly investor unlocks and buying back locked ENA from certain seed investors. The first buyback trigger activates when USDe supply hits $7.5 billion, but current supply sits below $5 billion, down from a peak near $15 billion in October.
This means the mechanism requires roughly 50% supply growth before any buybacks begin. ENA trades at $0.1677, up 10.4% on the day when 87 of 100 tracked assets fell. The foundation announced these four changes to ENA’s economics on August 27.
The structural changes remove recurring supply overhangs that have capped rallies since 2024. The conditional fee switch allocates between 5% and over 15% of gross revenue to the foundation as issuance milestones are hit. Of those funds, 95% goes to secondary-market buybacks and 5% to growth. The site notes that a single day’s revenue annualized during favorable conditions is not a stable base.
How the market reacted
Whalio's own Binance spot order flow for ENA, measured when this story was written up on 29 August 2026. Not the outlet's figures.
Whalio spot data shows ENA trading at $0.1624 with a 1-hour buy ratio of 35.8% and a 4-hour buy ratio of 41.7%. These short-term readings are lower than the 24-hour buy ratio of 50.0%, indicating that buying pressure is fading in the immediate term. The volume delta is negative across all timeframes, with -$268,344 in the last hour and -$738,019 over four hours. This negative delta means that sell volume exceeded buy volume during these periods, pushing the price down from the reported $0.1677. Despite the negative flow, the 24-hour volume delta is only -$28,762, suggesting the selling pressure has largely neutralized over the full day. Net buying occurred for only 8 of the 24 hours, with a total spot volume of $121,715,570.
The latest daily buy ratio of 48.8% sits at the 47th percentile of the last 281 days, against a median of 49.0% - ordinary for this coin.
Twenty-four hours later
What ENA did over the 23 hours after the story broke. The market moves for its own reasons; this is what happened, not what the story caused.
Was that an ordinary day?
The same Binance spot measurements for ENA, averaged over the days leading up to the story.
Over the preceding week, the 7-day average buy ratio was 50.4%, which is slightly higher than the current 24-hour reading of 50.0%. This represents a difference of 0.4 percentage points, indicating that current buying activity is roughly in line with the weekly average. However, the 24-hour volume of $121,715,570 is 1.30 times the weekly average volume, showing that trading activity is significantly heavier than usual. The coin saw a 14.3% price increase over the eight-day period, with a total positive volume delta of $11,333,739. This suggests that while today is an ordinary day for buying ratios, it is an unusually active day for volume compared to the recent weekly trend.