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…