Odaily Planet Daily report: The Ethena Foundation has proposed four ecosystem updates, including a governance proposal to implement a fee conversion mechanism. The proposal would programmatically use net revenues generated from all business lines under the Ethena brand to repurchase ENA tokens. According to the proposal, once USDe supply reaches its first milestone of $7.5 billion—currently at $4.06 billion—95% of net revenues from all business lines will be allocated to ENA repurchases. Voting on the revenue repurchase fee conversion proposal began on August 27 and will end on September 2. As of now, the proposal has received 14 million votes in support, with 100% approval, surpassing the required quorum of 5 million votes for passage.
Ethena Foundation Proposes 95% of Net Revenue for ENA Buybacks Following $7.5B USDe Milestone
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Summary
The Ethena Foundation plans to allocate 95% of net revenue to ENA buybacks once USDe reaches $7.5 billion. The current supply is $4.06 billion. Voting runs from August 27 to September 2, with 14 million votes already cast. Altcoins to watch include ENA as the proposal approaches full approval support.
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