Ethena’s ENA token surged 10.7% over 24 hours and gained 27% over the past week, trading above $0.17. The Ethena Foundation opened a vote on a fee-switch proposal under which 95% of net protocol revenue would be used to purchase ENA once the circulating supply of USDe reaches $7.5 billion. The foundation also bought locked ENA from major seed investors and agreed with lead investors to release the remaining unvested allocations on Oct. 5, accelerating the unlock schedule. Ethena’s synthetic dollar USDe ranks as the sixth-largest stablecoin with a $4 billion market capitalization.
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