Ethena: Revenue Buyback Vote opens - 27 Aug 2026

Ethena has opened a governance proposal to implement a fee switch using net revenue from all of its business lines to programmatically buy back ENA. The proposal, titled Revenue Buyback Vote, is live for community consideration.If approved, the proposal would connect protocol-wide revenue to recurring ENA purchases through an automated mechanism, adding a direct link between business performance and the token's value-accrual design. The vote therefore determines whether this fee switch becomes part of ENA's token economics across Ethena's business lines.Because the proposal is still under governance review, the buyback mechanism is not an active part of ENA's economics unless the vote authorizes it. The outcome will establish whether the proposed revenue allocation is implemented.We are excited to announce four updates regarding the Ethena ecosystem, further details on each point are provided in the blog linked below:1. Buyout of early investors:The Ethena Foundation executed a buyout of all locked tokens from certain major seed investors that sold any…