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Morning Edition · Friday, August 28, 2026Published at 1:39 AM EDT · New York
Ethena Proposes Sending 95 Percent of Revenue to Token Buybacks and Ending Investor Lockups Early
The buybacks would only begin once its synthetic dollar reaches $7.5 billion in circulation, nearly double the $4.06 billion outstanding now.
Ethena has put a package of changes to its token holders that rewrites how value reaches the ENA token. A governance vote open through September 2 would direct 95 percent of net revenue across all business lines under the Ethena brand into…
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Protocol Revenue Redirected to Tokenholders
Protocols with real revenue keep restructuring toward direct value accrual and early removal of venture unlocks, so token pricing shifts from narrative and float mechanics toward disclosed cash flows and the conditions that generate them.
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