Ethena’s ENA Jumps 23% as Foundation Moves to Stem Token Selling
Ethena’s ENA token jumped 23% after the foundation unveiled changes aimed at reducing selling pressure and boosting demand. ENA reached $0.17, more than doubling in just over a week.
The plan would end monthly token unlocks for venture capital investors and potentially use protocol revenue to buy ENA. The foundation also bought remaining locked tokens from seed investors who sold ENA over the past nine months.
Ethena Targets Token Selling
Ethena plans to accelerate the release of tokens held by original investors, while team tokens will keep their existing vesting schedules.
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ENA holders are also voting on a fee switch tied to growth in USDe, Ethena’s dollar-pegged stablecoin. If USDe circulation reaches $7.5 billion, 95% of net revenue from Ethena-branded businesses would fund ENA …
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