ME News reports that on August 28 (UTC+8), the Ethena Foundation 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. The revenue repurchase fee conversion proposal began voting on August 27 and will conclude 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. (Source: ODAILY)
Ethena Proposes 95% Net Revenue for ENA Buybacks After Reaching $7.5B USDe Milestone
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Summary
On August 28 (UTC+8), the Ethena Foundation announced on-chain news proposing four ecosystem growth initiatives. A key proposal allocates 95% of net revenue to ENA buybacks once the USDe supply reaches $7.5 billion. Voting began on August 27 and ends on September 2, with 14 million votes in favor. The required quorum is 5 million. The current USDe supply is $4.06 billion.
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