Everyone is chasing the $ENA green candles because of the "95% revenue buyback fee switch" narrative, but 99% of retail missed the actual catch. 🧵 The buybacks don’t start when the governance vote passes. They trigger ONLY when circulating USDe hits $7.5B. Right now, the 14-day average for USDe is sitting around $4.05B. We need nearly a 2x growth in stablecoin supply just to see the first programmatic market order buy. The real bullish catalyst here isn’t the fee switch itself-it’s the fact that the Ethena Foundation executed a massive buyout of unvested allocations from predatory seed VCs who dumped tokens over the last 9 months. They literally removed the structural supply overhang. The vote creates the narrative and prints the local top, but USDe growth decides whether the buyback becomes a reality or stays an infra-cope.