The Ethena Foundation announced Thursday it had spent two weeks buying out locked tokens from early investors, targeting those who sold after the October 10, 2025 peak. The unlock calendar now ends on October 5, 2026, with only 12% of supply still locked. A Snapshot vote, open through September 2, would redirect protocol revenue to ENA purchases once USDe circulating supply reaches $7.5 billion. ENA has gained 84.6% over the past 30 days to trade around $0.155, putting its market cap near $1.52 billion. StablecoinX still holds 20% of supply under a separate lockup, and buybacks will not start until USDe nearly doubles to hit the first threshold.
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